{"id":2656,"date":"2010-12-20T13:05:00","date_gmt":"2010-12-20T18:05:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/5-things-a-buyer-should-have-before-making-an-offer\/"},"modified":"2023-05-25T11:25:17","modified_gmt":"2023-05-25T15:25:17","slug":"5-things-buyer-should-have-before","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/5-things-buyer-should-have-before\/","title":{"rendered":"5 Things A Buyer Should Have Before Making An Offer"},"content":{"rendered":"

Are you ready to take the leap and upgrade? You’ve been eyeing that perfect neighborhood, driving around, and envisioning yourself in a new home. Maybe you’ve even taken the bold step of reaching out to inquire about the asking prices of a few properties with those enticing ‘For Sale’ signs. The excitement is building, and as you crunch the numbers, a glimmer of hope arises: “We can afford it!”<\/p>\n

But what’s next? Well, by now, I hope you’ve learned the importance of giving your trusted Realtor a call! Remember, the Listing Realtor’s loyalty lies with the seller. That’s why it’s crucial to have someone in your corner, someone who will investigate, negotiate, and protect your best interests.<\/p>\n

Before you allow yourself to fall head over heels for the house of your dreams, there are a few things you’ll need to have prepared and ready to go.<\/p>\n

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Deposit<\/h2>\n

Whenever you make an offer on a property, there is always a \u2018cash upfront\u2019 deposit required (usually 5% of the agreed price) written directly into the contract and held in trust with the listing brokerage. It will be released upon completion and be put toward the purchase, but you must have access to this money upfront. Don\u2019t count on it being a part of your mortgage.<\/p>\n

One thing to remember \u2013 if you have more than 20% you can avoid paying CMHC insurance!<\/p>\n

Pre-Approval from a Mortgage Broker<\/h2>\n

Visiting a Mortgage Broker before you start shopping is the smartest thing you can do.<\/p>\n

You may think you can afford the house, but the lender may not. They will weigh your income against all of your other monthly debt (debt service ratio). They will also look at your Beacon Score which measures how well you stay on top of your debt\u2026do you pay your bills on time? Etc. The better your score ~ the more you may qualify for. Your Mortgage Broker can help position you to be in the right place when you\u2019re ready to qualify.<\/p>\n

When you visit your Mortgage bring:<\/i><\/p>\n