If you're a first-time home buyer and have no idea where to start, you've come to the right place! Let me help guide you. I have created a step-by-step process for any home buyer to make the journey as easy as possible! Feel free to take note, and make yourself a checklist to complete as you go. 

STEP 1. Find Yourself a Realtor. 

Now, you may have read elsewhere that your first step is to get a Mortgage Pre-Approval. This isn't necessarily wrong. However, a great Realtor will be able to provide you with a list of EXCELLENT Mortgage Specialists that they have worked with in the past. This will save you from doing some research, as a Realtor already has! 

The right Real Estate Agent will assist you with finding the right home, submitting an offer, as well as help you through any bumps in the road, and answer all your questions along the way. Contact me today for help with your home journey!

You may be thinking, what is this going to cost me? In Alberta, hiring a Realtor is FREE for home buyers. When you purchase a home, it is the SELLERS responsibility to pay your Realtors commission. 

Step 2. Get a Mortgage Pre-Approval! 

If you already know of a great mortgage specialist, reach out to them to get you pre-approval started. Otherwise, as stated in Step 1, chat with your Realtor to find the right expert for you! 

It is important to note- an online calculator/ mortgage pre-qualification is NOT a pre-approval. In order to be pre-qualified, a lender may or may not check your credit score and won't require documentation, only going off what you tell them. This will give you an idea of what you COULD qualify for, but when you're serious about buying, you'll need to get pre-approved. 

Why is a pre-approval necessary? Firstly, you can't purchase a home that you don't know if you can afford. A mortgage specialist will pull your credit, check over your financial history, income, and expenses, and will be able to decipher your budget as well as assist you with your required down-payment & options. It will also make the purchase process much smoother as you will read in step 5. Contact me for a list of the best mortgage specialists in Alberta.

Step 3. Check Out Some Homes! 

Now for the fun part. You likely already have in mind what you are looking for in a home. Communicate with your Realtor to discuss what is realistic and what homes are available for you. Once you have had this conversation, it's time to go see some homes in person!

Your Realtor can arrange showings for you that best suit your criteria, and send you listings that you may not have seen on the market! 

Step 4. Submit an Offer

You have seen some homes, and found one that you LOVE! It's time to make an offer. You and your Realtor will discuss all the details of what this will look like for you. Submitting an offer on a home is based on:

• Your budget, needs, and wants!
• Current market conditions 
• Comparable properties recently sold in the area 
• The property value of the house 
• The current condition of the house

Once completed, your Realtor will send your offer to the selling agent and begin negotiations in order to agree on a possession date, final price, deposit, down payment, and conditions. 

**Deposit Vs. Down Payment:**

• A down payment is a portion of the total purchase price required to secure a mortgage on a home.
• A deposit is money that makes up a portion of your down payment, and is required within 3 business days after receiving an acepted offer on a home. Deposit amounts vary with each offer.

Step 5. Offer Accepted! 

Now, you enter into the condition period. In Alberta, the standard condition period is 2 weeks (10 business days). Having your mortgage pre-approval in place will help ensure that your financing is finalized within this period! Your mortgage specialist will request more documents from you (Previous NOA's, financial statements, etc.) Be ready for this step and make sure you are able to send these documents ASAP. 

Other common conditions include; home inspection, condominium document review. Again, your Realtor will be able to assist you in this and have the right contacts to help with these items! 

Once all conditions are removed, the sale will be FIRM and the home is soon to be yours! 

Step 6. Final Steps Before Closing.

To close on a home means to take possession and move in! You're almost at the finish line with a few more "to-do's" ahead of you but there are some very important things to note before we get there. Things NOT TO DO before closing: 

• Buy or lease a car
• Buy or lease any expensive furniture
• Open a line of credit
• Miss a payment
• Move large amounts of money around
• Make a major purchase

*Your lender will do one final credit check and any of these types of changes could jeopardize your loan approval.*

Final "To-do's"/ Requirements: 

1. You will need Home Insurance! Your Mortgage Specialist or Realtor may know of an Insurance Broker that can help you out. This won't take long! Once you have this in place, you will need to forward to your mortgage specialist your insurance certificate once it comes in, or get them into contact with your insurance broker! 

2. Final document signing! By the closing date, both parties have met with their lawyers to go over and sign all final documents. As the buyer, you will also be providing a cashier's cheque (or previously wired transfer) to pay the remaining down payment and closing costs. Your lawyer will tell you if there is anything else you should bring to closing, but here is a reminder anyway:

• Government Issued Photo ID
• Homeowners Insurance Certificate 
• Certified Funds or Cashier's Cheque

3. Final Walk Through. Within 24 hours of closing, we will do a final walk through the home. This last step is to verify that no damage has been done to the property since last viewing, that any agreed upon repairs have been completed, and that nothing from the purchase agreement has been removed from the home.

CONGRATULATIONS! You are cleared to Close! 

On the day of closing, both parties have signed documents, funds are dispersed, and property ownership is formally transferred to the buyer. 

If you want to get started on your home search, Contact me with the information below!

Click here to start your Calgary home search!

Owning a home is a significant milestone, and while the prospect may seem daunting, strategic saving can make it achievable. If you're dreaming of purchasing a home, here are some practical tips to help you save more money and turn your homeownership aspirations into reality.

1. Create a Budget:

Start by understanding your current financial situation. Create a realistic budget that outlines your income, monthly expenses, and savings goals. This will provide a clear picture of where your money is going and where you can make adjustments.

2. Cut Unnecessary Expenses:

Review your monthly expenses critically. Identify areas where you can cut back without sacrificing your quality of life. Small changes, such as cooking at home more often or canceling unused subscriptions, can add up significantly over time.

3. Automate Your Savings:

Set up automatic transfers to your savings account. Treating your savings as a non-negotiable expense ensures that you consistently contribute to your home fund. Consider scheduling transfers on your payday to make saving a priority.

4. Establish a Separate Savings Account:

Open a dedicated savings account for your home purchase. Keeping your home fund separate from your regular account reduces the temptation to dip into it for non-essential expenses.

5. Explore Additional Income Streams:

Look for ways to supplement your primary income. This could involve freelancing, part-time work, or selling items you no longer need. Any additional income can be directly funneled into your home savings.

6. Take Advantage of Windfalls:

Whether it's a tax refund, work bonus, or unexpected gift, use unexpected financial windfalls wisely. Consider allocating a portion or the entirety of these windfalls to your home savings fund.

7. Negotiate Bills and Expenses:

Regularly review your bills and negotiate where possible. This includes utilities, insurance, and even your cable or internet bill. Many providers are willing to negotiate rates, and the savings can contribute to your home fund.

8. Save Windfalls and Bonuses:

Any unexpected financial gains, such as a work bonus or gift, should go straight into your home savings. Tempting as it may be to indulge, keeping your eyes on the long-term goal is key.

9. Downsize and Declutter:

Consider downsizing and decluttering your living space. Sell items you no longer need, and put the proceeds directly into your home savings. Separate needs from wants. A minimalist approach not only saves money but also streamlines your lifestyle.

10. Monitor Your Progress:

Regularly assess your savings progress. Celebrate milestones, and adjust your budget and goals as needed. This not only keeps you motivated but also helps you stay on track towards achieving your dream of home-ownership.

Saving for a home requires discipline and commitment, but with careful planning and consistent effort, you can turn your dreams into reality. By implementing these strategies, you'll be well on your way to building a robust savings fund that brings you one step closer to the keys to your very own home.

If you want to get started on your home search, contact me with the information below!

Click here to start your Calgary home search!

1. Determine your budget: Before you start looking for a home, you need to know how much you can afford. Consider your income, expenses, and debts to determine your maximum monthly mortgage payment. Don't forget to factor in additional costs like property taxes, insurance, and maintenance.
2. Get pre-approved for a mortgage: Unless you can pay the full price of a home in cash, all buyers need a pre-approval in order to purchase a home! Once you have an idea of your budget, you should get pre-approved for a mortgage. This will give you an accurate idea of how much you can afford and make you a more attractive buyer to sellers. Having a pre-approval in place will also make things a lot less stressful when the time comes for you to put an offer on a home! 
3. Find a real estate agent: Now, you may already be in contact with a Realtor. If you are, reach out to them and let them know you are pre-approved! A good Real Estate Agent can help you navigate the home buying process, find properties that meet your needs, and negotiate on your behalf. They will be the one communicating with you, submitting the offer on your behalf, and taking care of your best interests. A great Realtor can also provide a list of great contacts that will be helpful during your purchase (lawyers, home insurance providers, mortgage specialists, etc.).
4. Start house hunting: Once you have your pre-approval and a real estate agent in place, you and your Realtor can start looking at homes. Make a list of must-haves and nice-to-haves, and be open to compromise. Make sure to communicate with your Realtor and be open to their suggestions! They are on top of the market every day and know what is going to be within your budget, and most of all, what is best for you! They will set up a home search for you, and keep you updated on every step from here on out! 
5. Make an offer: When you find a home you love, work with your real estate agent to make an offer. Your offer should be based on the home's value, the local market, and your budget. 
6. Condition period: Before finalizing the purchase, you will have conditions to satisfy. These may include: financing, a home inspection, or a Condo Document review. The right Realtor will help you with these items as much as possible and ensure you are provided all the information needed.
7. Close on the home: If all goes well with the conditions, you can move forward with closing on the home. This involves signing a lot of paperwork with the lawyers, paying closing costs, and transferring ownership of the property. Congratulations, you're now a homeowner!