Many people and many families ask: How do I get started? What is the first step?

The first step in the home buying process is to get pre-approved for a mortgage from your lender. Typically, a mortgage is a large loan that you use to purchase a property and is paid off over a long period of time. With a pre-approval, you and your family can know what you can afford, estimate your monthly payments and lock in an interest rate.

It is important that you take this step before searching for houses online and viewing properties with your Realtor. Imagine, spending a lot of your own time searching on the internet for the perfect home, visiting potentials homes, only to find out that you cannot afford the home. To avoid this from ever happening to you, go to your lender and get pre-approved. It will save you and your Realtor's precious time. 

There are many several types of lenders that are available to you, such as banks, insurance companies, trust companies, loan companies, etc. It is best to talk to a mortgage professional to better understand your financial options. Lenders will consider your income, your expenses, the total amount borrowing, your total debt, your credit history, etc. Once obtained, although not a guarantee, a pre-approval does provide confidence to the Seller's that you are able to afford the selected home, strengthening your offer to purchase. For more information or for referrals, do not hesitate to contact me today!

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June 15, 2018 - New rules were implemented in the Real Estate market that are designed to protect consumers.

"These changes have been designed to reinforce a real estate agent's duties and obligations to their clients, and to ensure that agents are always acting in their client's best interests,"
- Superintendent of Real Estate

Before the new rules, Real Estate professionals were able to act as a limited dual agent for parties involved in the same transaction. Doing so now is banned except for some rare instances. These new rules clearly define two clear relationships a consumer may have with his/her Real Estate Agent. 

A CLIENT or an UNREPRESENTED PARTY
As a client, you are owed special legal fiduciary duties by your agent as outlined in the new Disclosure of Representation in Trading Services form. The duties include: Loyalty, avoidance of conflicts of interests, full disclosure of relevant information, and protection of confidentiality.
As an UNREPRESENTED PARTY, you are not entitled to the legal duties that a CLIENT receives. An agent may provide answers to general questions, help prepare contracts, facilitate communication, but the agent will be unable to give advice to the unrepresented party. 

Make sure you have a clear understanding of your relationship with your Real Estate Agent.