Buying Your Home

Buying a home is an exciting but often overwhelming experience, particularly if you are buying your first home. As your team of REALTORS®, The Grime Team can help you through the home buying process and assure that you find the right home for you, at the right price for you. The Grime Team offers dedicated Buyer Representatives who focus only on the purchasing side of your real estate transaction. That means they are working specifically to protect the interests of you, the Buyer, and not the seller. You can trust that we will do our best to help you purchase your new home for the best price!

Every home buyer has a number of concerns, all of which we can help you with:

Setting a Time Frame

There are a lot of variables in the home-buying process, which means the time it takes to find and buy your new home varies too. A typical home search process may take three to four months, including the mortgage approval process, comparing and evaluating properties, making an offer and the closing process.

The Lending Process

Perhaps one of the most intimidating aspects of buying a home is the mortgage approval process. We'll be here to help guide you through this, but there are many ways you can prepare early to make the process smoother. Start by making sure your budget is under control--make a list of all your monthly expenses, compare it with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances. Start gathering documents you may need, such as income tax returns for the past few years, pay stubs, records of child support or alimony, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs. Getting several quotes will allow you to compare loans and get the best deal.

Determining How Much You Can Afford

A general guideline to consider is that mortgage payments should be about 26-28 percent of your gross monthly income. Existing debt is also considered in the mortgage process, and total debt payments (car payments, credit cards, student loans, etc.) should not exceed 40 percent of your gross monthly income. Click here to use this easy mortgage calculator to get an estimate of monthly payments.

Finding a Home That Meets Your Needs and Wants

Before you start looking at properties, make a list of "must-have" features along with optional features you'd like to have. "Must-have" features may include the number of bedrooms and bathrooms you'll need to accommodate your family, location (consider commute to work, which schools your children will attend, etc), lot size and special needs (handicapped access, etc). Optional features may include the architectural styling, bay windows, landscaping, etc. Having a clear idea of what you want in a home will help your REALTOR® find the perfect property for you.

Educating yourself about the home-buying process is key to getting a home you love and can afford. As your REALTOR®, we are here to answer any questions you might have and guide you through this process.

If you have questions, or would like more information about buying your next home, please fill out the form below or give us a call at 519-951-5151 or toll free at 1-800-268-2455.

Obtaining a Mortgage

When it comes to the loan process, there are several steps that one must go through. By making yourself familiar with it, you will better understand what is required of you and how you need to prepare. After all, the more knowledgeable you become the more comfortable and in control you'll feel.

1. Organize Your Documents

In order to obtain a mortgage, your lender will require certain documentation from you to make sure that you will have the ability to repay the loan you take out. Such documentation includes proof of employment, credit history, tax returns, pay stubs, bank statements, divorce and child support statements if applicable, and any other information that the lending company feels might be necessary.

2. Pre-Qualification

Before you begin to look for a property it is best to schedule an appointment with a Mortgage Broker and discuss pre-qualification. The Broker, either with a Mortgage Company, Bank or Trust Company will review your financial information and debts to determine if you are in a position to purchase a property. They will also guide you regarding what price range and type of home. (Often less conventional homes and fixer ? uppers may require a different type of mortgage) Often times you may be a few months away from being able to secure a mortgage and the Broker may guide you as to how to improve your financial situation. Pre- approval provides for a quicker full approval when you put an offer on a property of interest. In competitive markets, a short Financing condition is beneficial.

3. Qualification

Once you have been pre- approved and have found the home of your dreams you are ready to put in an offer. You will have more leverage when negotiating if your agent is confident your financing is secure and you can shorten the length of your financing condition. Your Broker will now submit all paperwork along with your offer for approval. Often times the lender may require an appraisal.

4. Find the Right Mortgage

While searching for the right mortgae, there are many things to take into consideration. For example, you might want to think about how long you plan on keeping the loan. The length of your residence will determine the type of loan you want to get (i.e. adjustable or fixed). To figure out which loan program is the best, you will need to compare different programs and everything that each one involves such as rates, fees and points. The whole process can be tedious and difficult at times, which is why a qualified loan officer can help you make the right decision.

5. Obtain Mortgage Approval

The process of obtaining mortgage approval involves the following steps:

• Review of mortgage application (be sure to fill it out completely).
• Verification of credit history, employment history, assets such as bank accounts and mutual funds, property value and any additional information that the lender might require.

There are also a few things that you can do to improve your chances of getting the mortgage approved.

• For any requests of additional documents and information, respond promptly.
• Do not make any major purchases such as a car or new furniture until the mortgage is closed. Increasing your debt can have the opposite affect on your application.
• Make sure you will be in town for the closing date. If you cannot be there for the closing of the mortgage, you can carry out a power of attorney to authorize someone to sign on your behalf.

6. Closing the Mortgage/Signing Off

Once the mortgage is approved, your next step will be to sign the final documents, which usually takes place in the presence of a notary public. Be sure to verify the information within the document, especially the interest rate and loan terms. Also check to see if your name and address are correct. Finally, don?t forget to bring a cashier?s check for your down-payment and closing costs.

If you have questions, or would like more information about buying your next home, please fill out the form below or give us a call at 519-941-5151 or toll free at 1-800-268-2455. We look forward to hearing from you!

Wants vs. Needs

There is a lot to consider when buying your new or next home. You want to make sure that you get the BEST house for YOU. Choosing the right home, the right neighborhood, the perfect layout - it can become overwhelming. It doesn't have to be if you journal your thoughts and think about what the most important factors you want in your new home are.

In your journal, include a list of "needs vs. wants" in a new home. This doesn't mean you can't have what you want in your home, but rather that you have a priority list of the most important features. You may not be able to obtain all the "want" items on your list, within your budget. You may have to compromise on a few items to stay in line with your budget. Here is a review of "needs vs. wants:"

Feel free to use the worksheet below to brainstorm on what are the most important things to have in your new home. This can be a great exercise to help you organize. You can even email it to us to help us find the best home for you!

Helping You With Your Relocation

Moving your family to another town or province is a major event in your life! We have helped many families and individuals relocate both to AND from the Orangeville, Dufferin County, Caledon and Erin, Ontario area.

You may wish to move to another part of the province or country for any number of reasons--maybe to be closer to your family, or to take advantage of a promotion at work. We have helped many families relocate to a new area, or we have a large network of trusted Realtors® across the country and would love to help you choose a representative in your new area who would best suit your needs.

Remember: we want to make your transition as smooth as possible. Please do not hesistate to contact us with any questions at any time!

Let us help you make your relocation a smooth as possible. If you have any questions or would like us to help you with your relocation please give us a call at 1-800-268-2455 or fill out the form below - we are happy to help!