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Getting ready for the Spring market

It is no secret that the real estate market starts to heat back up in the Spring. In fact, it is traditionally one of the busiest seasons of the year for purchasing real estate. If you or anyone you know is considering purchasing a new home this Spring or Summer, now is the time to prepare. Arranging your finances should be the first step you take. Here are a few reasons to get pre-approved:

·         Rate Holds: Most lenders offer a 120 day rate hold meaning you can take advantage of the current low rates. If rates go down, you will get the lower rate, however if they go up, your rate is locked in.
·         Credit Check: Your broker will pull your credit. There are so many cases of credit companies or reporting companies having reporting errors. Knowing where you stand with your credit gives you time to fix any errors or address any problems right away
·         Maximum Mortgage: Your broker will advise you of your maximum mortgage amount. It is so disheartening for buyers to be viewing homes outside of their price range. You run the risk of setting the bar too high if you don't qualify for homes in that range and feeling disappointed with the homes you can afford
·         Preparing Documents: You can figure out what documents you will need (and find them). If you need your previous year's T4s or Notice of Assessments (NOA) and you cannot find them, then you can order them from CRA. This usually takes several weeks so you will need to order them prior to writing an offer. Also, some employers have policies in place for job letters that may take longer than you expect. Speak to your employer as soon as possible to find out how far in advance you should request it.

For any mortgage related questions or to get your 120 day rate hold – contact me today.

www.christinebuemann.com

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