Velibor Perisic

  1. Hire a real estate professional

    The first step is to select a professional to help you find your dream home and fine-tune your financial expectations.
    Working with a buyer agent is worth consideration since he or she is legally responsible for representing the buyer's interest in a real estate transaction. Before making a decision, however, have a Realtor explain the full process of using a buyer agent. Your Royal LePage associate can guide you through every step to buying a home.

  2. Shop for mortgage rates and terms

    A difference of even half a percentage point can mean huge savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs 7.5 percent is about $35 per month. Over 30 years, that's $12,600.


    Before you start looking at homes, you will need to know how much financing you quality for, and therefore, the price range in which you'll be shopping.

    In addition, your interest rates will be guaranteed for you up to one year in certain cases or until closing, whichever comes first. That is to say of rates start climbing while you are looking for your home your rate will be protected. On the other hand if the rates decline during this period you will be able to get the lower rate.

    And since your mortgage is already approved in principle, you can negotiate with confidence and if needed make a firm offer on the perfect home.

  3. Prequalify for a loan

    Your third step should be to get pre-qualified which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and really can afford to buy the property. Try to get this in writing from your mortgage company.

  4. Define what you want

    The next step is to create a realistic idea of the property you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you house hunt. Your real estate professional can then show you houses that meet your expectations.

  5. Don't be afraid to ask your Realtor questions regarding location. construction and any other aspects relating to the homes you see. They can assist you in making informed decisions regarding market value for properties that you find attractive.