Are you planning to buy a home in Brampton?
If so, you’ll be entering one of the most exciting housing markets in Canada.
Brampton, with a population of more than half a million, has many
neighbourhoods with distinct characteristics, and is a growing, vibrant, and
diverse community. Brampton has many outstanding amenities -- from 4,000 acres
of parkland to the world-class Rose Theatre; from rinks and swimming pools to
libraries and museums. There are knowledgeable real estate brokers in the city
who can help you to explore available properties in the Brampton area, but
before you start touring houses, do some groundwork regarding home financing.
Putting Your Financial House in Order
One of the first things you should do is
assess your family’s finances. Is your credit rating solid? If not, you should
take steps to repair it before proceeding. Pay any outstanding debts, clear up
any misunderstandings, and ensure that your rating (and your spouse’s, if
applicable) is impeccable.
Next, make a clear-eyed assessment of your
financial position. Do you have enough financial stability to take on a
mortgage? How much debt can you afford to take on? The Canadian Mortgage and
Housing Corporation provides an online step-by-step guide called "Is
Home Ownership Right for You?” that will
help you to calculate whether or not you are financially ready to take on a
mortgage, and what the upper limits of that mortgage should be. It’s a great
exercise to complete before talking to financial institutions.
Armed with a realistic assessment of your
current financial position, visit your financial institution, and ask for a
pre-approved mortgage. You will want a pre-approved mortgage, because that will
let you know the price range of houses that you can afford. Most times your own
bank or credit union will be best situated to know how large a mortgage you’ll
be able to carry, but don’t be afraid to shop around. Financial institutions
carry different products, and you may find an alternate lender that offers
exactly what you need.
Advice from Your Broker
Once you are armed with a pre-approved
mortgage, it’s time to partner with a real estate professional.
Choose a reputable Brampton real estate
broker who can help you to use your pre-approved mortgage to its best
potential. The best brokers walk you through the entire home buying process,
from scheduling visits to prospective homes to putting in an offer; from home
inspection to closing. Explore Brampton real estate websites to see which
brokers list homes that fit your criteria, and follow up by meeting ones that
seem like they would be a good match for your family’s needs. Check that the
broker you choose is registered with the professional REALTORS®association, the Real
Estate Council of Ontario. (This organization holds
members to ethical standards, and makes sure they carry adequate insurance.)
And make sure to choose a broker that you
feel comfortable with, and who is easy to communicate with. A home is one of
the most exciting purchases you will ever make, but the process can seem
complex and sometimes stressful. Home financing in Brampton doesn’t have to be
a headache, prepare yourself with a pre-approved mortgage and a broker that
understands your needs. Having an experienced and reliable broker by your side
makes a world of difference!