While going to Open Houses can be both fun and exciting, you must understand that there are preparatory activities that you must do first in order to succeed in the home buying venture.
Today, Team Leading Edge has list the 4 basic Must-Do items that you can easily perform to prepare yourself from the battle that lie ahead.
Are you read? Let's do this!!
- CREDIT RATING: Like any business that wants to get a loan, banks and mortgage lenders will need to assess your credit rating or credit score before they lend you those precious dollars.
The logic is obvious, banks and lenders must protect themselves from the risk of not getting their money back, so they will only lend money to those who they deem worthy.
Are you worthy? Check with your local bank and mortgage company.
The bank or mortgage company will assess your credit score. If everything goes well, you’ll be qualified for a certain amount of loan.
It is important to note that your credit score and the amount down payment will determine your interest rate.
Here are some of Edmonton’s most reliable banks and mortgage companies: Edmonton Housing Mortgage
- FINANCIAL ORDER: After you get a passing credit score, the next important thing to do is set your finances in order. You must determine how much money you are willing to spend as payment for the monthly mortgage.
Being able to afford $30,000 /month of mortgage doesn’t need you have to avail of it. You must think of your other expenses like utility bills, gas, telephone, etc.
If your current lifestyle will be badly affected by the monthly mortgage set by the bank, then you might need to find a house with a lower price tag.
The point of this activity is to ready and secured for any unforeseen events. If you suddenly need to buy medicine, at least you’ll have money in the bank to pay for that.
- WORK WITH A TRUSTED EDMONTON REAL ESTATE SPECIALIST: The Realtor you work with will be your better half in this venture, so you must chose wisely.
You should not be persuaded to work with a Realtor just because your friend’s friend recommended his neighbor’s Realtor. Nooo!
There are plenty of Realtors working in the Edmonton area, a good criteria in choosing one is the amount of closed deals they’ve made in the past year and the awards and recognitions they’ve received so far.
Not to toot our own horn but you can check out Team Leading Edge achievement here:
TEAM LEADING EDGE IS ONCEC AGAIN IN THE TOP 100 TEAMS OF RE/MAX WESTERN CANADA
TEAM LEADING EDGE SERGE BOURGOIN, RE/MAX LIFETIME ACHIEVEMENT AWARDEE 2016!
TOP NOTCH EDMONTON REALTORS FROM TEAM LEADING EDGE
- LOCATION & SPECIFICS: You must make up your mind as to where you want your next home to be located and what specs you need the home to have.
There are hundreds of properties listed on the Edmonton MLS in any given day so you must be specific on the number of bedrooms, bathrooms, budget and location your home must have.
Your trusted Realtor will guide you if what you want is realistic and achievable.
When you have time, make a shortlist of the locations that you want, the type of house you prefer, number of bedrooms, baths and other specifics. After you’re done with items 1 and 2, you can show your list to your Realtor, s/he will know what to do next.
It’s that easy! You don’t have to stress yourself, just follow these simple must-do items and you’ll be on your way to owning that dream Edmonton home! Good luck!
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge. Make sure to subscribe to Team Leading Edge to get newsletters on the Edmonton Real Estate market.
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