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BUYING

SELLING

ROXANNA GHOLAMI

M.Eng, REALTOR® 

Sutton Group-Masters Realty, Inc. Brokerage

Independently owned and operated.

Direct: 613.608.1278

PLANNING TO BUY A HOME?

Buying a house is very exciting and needs some preparation in advance. The information on this page will show you want you need to consider when you are planning to buy a house.  

You can find more information here.

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AFFORDABILITY

Depending on your annual income and monthly debts, you can roughly estimate what type of house and in what price range you can afford buying a house. Of course, house affordability depends on other factors such as mortgage interest rates, market condition, etc. Leave details of this process to the mortgage broker when you meet with them to get the mortgage pre-approval. 

FINANCE PREPARATION

It is very disappointing to find your dream home only to discover that you are not financially qualified to purchase it. In order to have things in order, you need to make sure that you have a good credit score, you have enough cash for down payment (typically ranging from 5%-20% of the house purchase price) and other expenses (inspection, legal fees, etc.), and you have all your documents ready for the mortgage application. 

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MORTGAGE SHOPPING

As far as mortgage shopping is considered, do not wait until the last minute! You want to meet with a few mortgage brokers as soon as you get serious about purchasing a house. Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They will look at your credit history, bank statements, etc. that you prepared before. Don't be scared! This is a fairly straightforward process and once you get your mortgage pre-approval, it shows that you are a serious qualified buyer (this is an advantage especially in the seller's market).

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