things you need to buy a house

By: Eilen V. Tolentino

things you need to buy a house

Tags: Real Estate Company, Saving for House Purchase, Toronto Real Estate, Real Estate Agents in Toronto


Making the decision to buy a house is one of the most exciting life steps a couple, family or individual can make. With the right people and information in place, the home buying process can be far less stressful than it would be otherwise.


·         Mortgage Pre-Approval – Mortgage approval involves submitting your income, credit history, employment information, and various other details needed to obtain a mortgage. The lender ill then review your financial information and will tell you how much money you can spend on a home.


·         Down Payment – it is a percentage of the purchase price paid in cash upfront when buying a home. The lender provides the rest of the funds needed to purchase the property, which you are responsible for paying back at a set interest rate.


·         Decent Credit Score – The stronger your credit score, the higher the chance you will have qualifying for a mortgage. Mortgage lenders usually assess your credit payment history, the types of credit you have open, the length of your credit history, the amount owed, and any new lines of credit you have recently opened.



·         Real Estate Agent – While the benefits of working with a real estate agent are numerous, buyers are not responsible for paying the real estate agent’s commission fee, so working with an agent comes at no cost to them. The seller’s agent usually pays the commission fee on the buyer’s behalf, making it a win-win for buyers.