Home Buyer Questions

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Home Buyers Questions

Real estate is a demanding profession, requiring long hours and hard work to close the deal.  We recommend you ask the appropriate questions.  This is to ensure your REALTOR®  has the experience to provide you with proper services and advise.  Experienced Real Estate Agents are better equipped to help buyers make an informed purchasing decision and sellers get the most they can from their property and sell it timely manner.

A real estate agent that will help you determine exactly what you’re looking for, in the price range, and then truly bring your dream home to light.

Here are some questions that will help us better serve you with your Home Buying Process

  1. What type of new property are you seeking? Condo or Freehold
  2. Are you looking for New or Resale?
  3. Do you currently own a property?
  4. Is this property for personal use or investment ?
  5. What is your Budget or Price Point?
  6. Have you received a Pre Approval To determine how much you can afford to purchase a property?
  7. Do you require assistance with a Mortgage Pre-Approval?
  8. What is your timeline to make the purchase or preferred closing date?
  9. Which area / city is your preference?
  10. Are there any specific requirements or must have for the property?
Working with you and helping you fulfill your real estate goals.  W: JesseJohar.com

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Lessons Learned In Real Estate

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Lessons Learned In Real Estate – First Time Home Buyers

My clients (first time home buyers) who had purchased their property and prior to fulfilling the conditions, the client confirmed their mortgage agent had said to go ahead and remove the conditions on financing. Just two weeks before their closing they had an issue with their financing. I was advised by my client due to financing they may not be able to close in time, and if they cannot get another lender, they will have to back out.  I met with them and discussed their options and also advised them of the consequences (Seller could sue the Buyers) what will happen if they do not close on the home on time.  

One of the options was to request the sellers & sellers lawyer for an extension of 7 Business days and ensure we can get another lender that can approve them.  My clients needed to move as they had already given notice to their landlord.  

With the clients permission, first I reached out to three different lenders and I introduced my clients.  I explained the situation and asked my clients to speak with the lenders and see which ones would ensure that their best interest and provide them with a firm approval and conditions that meet the requirements as per the original closing timeline.  

Luckily two of the lenders came through and confirmed that they could provide a firm approval based with couple conditions and terms.  My clients decided to go with one of them and needed to get some additional documents and funds.  They still required an extra 5 days to make this happen.  

Again with permission from my clients and their lawyer I reached out  the Sellers agent and coordinated a meeting with the sellers and lawyers to make an amendment to the agreement and closing date.  There was an additional fee on both the lawyers side that the buyers agreed to pay, but there was no penalties.  The sellers were cooperative to allow this and thankfully we closed on the revised date and my clients were very grateful. 

Most importantly I learned to stay kind, remain calm, cool, and collected. 

My approach has always been to provide support based on what I hear on what’s expressed.  Being a good listener, solution based and focused. [/vc_column_text][/vc_column][/vc_row]

First Time Home Buyer

[vc_row][vc_column][vc_single_image image=”5371″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1591736083911{margin-bottom: 0px !important;}”]Buying your first home in Canada?  Join our FREE webinar to learn how to achieve excellence and success with Jesse Johar and his team!

REGISTER: https://www.eventbrite.ca/e/buying-your-first-home-in-canada-tickets-107630256996?aff=JesseJohar

What is an offer?

When buying a home, an offer is a legal agreement between two parties for the purchase of a home.  This offer is made by you, the buyer, and if accepted by the seller becomes a legally binding contract.

What’s included in an offer?

As you may have guessed, a price to be agreed upon for the purchase of the home is included in your offer to the seller.  But there are other aspects of an offer as well.  These include:

  • Conditions – These are clauses in the offer contract that must be completed before a set date or the agreement becomes void.  Common conditions include financing, home inspection and review of status certificate.  Since the beginning of COVID, there are a number of other conditions to protect both buyer and seller from any complications arising due to COVID-19.
  • Inclusions/Exclusions – Will you inherit those ugly curtains?  Will those beautiful light fixtures come with the home?  Inclusions and exclusions are clauses in the offer contract pertaining to any goods that may or may not come with the home.  These are often negotiable and Jesse can help you secure those beautiful light fixtures while ensuring those ugly drapes have seen their last days!
  • Closing date – This is the date on which the funds and keys will be exchanged.  The property title will be registered in your name by your lawyer and the mortgage will be registered onto the title.  The offer must be completed by this date.
  • Deposit – These are funds that are given to the seller’s real estate brokerage to be held as a deposit on the offer.  Once the offer is firm and there are no more conditions, the deposit becomes non-refundable if you are unable to complete the purchase agreement terms.

#ourfirsthome | OurFirstHome.ca[/vc_column_text][/vc_column][/vc_row]

How to Buy Your First Home In Canada

[vc_row][vc_column][vc_single_image image=”5460″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1591218248793{margin-bottom: 0px !important;}”]REGISTER: https://www.eventbrite.ca/e/buying-your-first-home-in-canada-tickets-107630256996?aff=JesseJohar

Buying your first home in Canada?  Join our FREE webinar to learn how to achieve excellence and success with Jesse Johar and his team!

How To Buy Your First Home In Canada

Owning a house that one can call a home is every individual’s inherent wish. Financial institutions play an indispensable role in building a #dreamhome

When you decide to buy a #home, it can be tempting to pull up listings on your computer and schedule appointments to see your favourite #houses. But if you don’t already have a preapproval letter in your pocket, that can be a mistake. Taking the time to get preapproved can give you an advantage over potential buyers who aren’t preapproved.

A pre-approved home loan assumes paramount importance, bringing closer both the ends of the spectrum – your home and the required funds to make it possible.

How to Buy Your First Home in Canada

9 Basics Steps to Finding and Purchasing Your First Home

How to Buy your first home in Canada is considered one of the biggest milestones in life as well as finances. It’s a big commitment, and there’s a good chance this will be the largest purchase you’ve made to date.

As you prepare, here are the steps to follow as you purchase your first home.

Step 2. Start Shopping for a Loan
Step 3. Find the Best Payment Options and Loan Types
Step 4. Have a Down Payment Ready
Step 5. Be Honest About What You Can Afford
Step 6. Find a Good Real Estate Agent | JesseJohar.com | Home Buyers Agent
Step 7. Request a Home Inspection
Step 8. Be Patient During Final Mortgage Approval
Step 9. Close and Move-In

A #mortgage #preapproval helps you understand how much house you can afford, makes you more attractive to sellers, and alerts you to problems that may affect your ability to get a loan. To get preapproved, you’ll need to provide your lender with documents they’ll use to verify your personal, employment and financial information.

Fortunately, getting #preapproved is relatively quick and simple. Let’s explore what you need to do for a #mortgage #preapproval and how it can benefit you during the home-buying process.

 #ourfirsthome | OurFirstHome.ca[/vc_column_text][/vc_column][/vc_row]

CHMC First Time Home Buyers Incentive

[vc_row][vc_column][vc_single_image image=”5217″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1553694105263{margin-bottom: 0px !important;}”]CHMC First Time Home Buyers Incentive

In a highly anticipated announcement on March 19, 2019 the Finance Minister tabled the Federal Budget which included easing measures for housing.

Since 2008 there has been over 30 government imposed regulatory changes introduced. All were aimed at tightening the mortgage landscape making it more difficult to borrow. This is the first time in over a decade that we have seen easing to the rules. Although it wasn’t the results that were widely anticipated, many Canadians will benefit from these additions. More importantly this indicates a shift in perspective from a government level which hopefully begins a new era where we can expect further easing over the coming years.

There are 2 main proposals for housing affordability which were introduced; The First-Time Home Buyers Incentive Program and an increase to the Home Buyer’s Plan.

The First-Time Homebuyer Incentive Program is scheduled to be launched in the fall of 2019 and we expect further details in the coming months as the program gets finalized. Once we receive the final program and have an opportunity to assess we will certainly share this with you and your valued clients.

Today we will focus on the increase to the Home Buyer’s Plan (HBP), the final report was submitted yesterday making this program now active and eligible for qualified buyers. This increase to the HBP withdrawal limit will apply in respect of withdrawals made after March 19, 2019 given that the Purchase and Sale agreement was also signed after this date.

First-Time Home Buyers’ Plan

Currently, the Home Buyer’s Plan (HBP) allows first-time home buyers to withdraw up to $25,000 from their Registered Retirement Savings Plan to purchase or build a new home without having to pay tax on the withdrawn amount. Budget 2019 proposes to increase the HBP limit to $35,000 per first-time home buyer or $70,000 per couple. Clients that are going through the breakdown of marriage or common-law partnership will be permitted to participate in the HBP even if they are not first-time home buyers provided that the separated person lives separate and apart from their spouse or common law partner for at least 90 days.

Here’s an example of some of the ways this program could help your valued clients:

Increased Eligibility:

Clients that have access to this program can benefit from the flexibility of increasing their purchasing power by $10K. This provides leverage and further opportunities for you and your client.

Decreased Payment:

An increase to the down payment by $10K will provide your customer approximately $50 per month in savings on their mortgage payments.

Reduced Income Qualification:

An increase to down payment allows clients to qualify for slightly more home. In this specific circumstance a customer looking to buy for $500,000 would need about $3K less in income by increasing their down payment by $10,000. This will help borrowers that are on the cusp of qualifying.

As always, I’m happy to help answer any questions you may have.[/vc_column_text][/vc_column][/vc_row]

The Power Of Relationships

[vc_row][vc_column][vc_video link=”https://vimeo.com/271524821″][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1527175989832{margin-bottom: 0px !important;}”]THE POWER OF RELATIONSHIPS

An important step towards home ownership. Benefit from professional assistance and competent service. Teamwork to help in the Home-Buying Process. We are here to help you. The solid working relationship with a Mortgage Specialists & Home Buyers Agent to ensure a Stress Free Transaction. Representing only you and your best interests. Receive a No Obligation Home Mortgage Pre-Approval. Thats “The Power of Relationships”
To learn more about the home buying and getting pre-approved process, please feel free to contact us.
JesseJohar.com or LinoContento.com
JesseJohar.com – Real Estate – Coldwell Banker Global Luxury
LinoContento.com – RBC Royal Bank Mobile Mortgage Specialist[/vc_column_text][/vc_column][/vc_row]

Home Buying Process

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In order to find a home you want to buy, applying for a home loan and getting a pre-approval is an important step towards home ownership. The Jesse Johar Team is here to help you. Benefit from Professional Assistance and Competent Service.
Our preferred Mortgage Specialists can assist you with.
A No Obligation Home Mortgage Pre-Approval.
Represent Your Best Interests
Stress Free Transaction
Ensures Deal Closes Within Required Timeline.
Get Approved & Move In Your Dream Home Today
Learn more about the home buying and getting pre-approved
www.JesseJohar.com – Real Estate – Coldwell Banker Global Luxury
www.LinoContento.com – RBC Royal Bank Mobile Mortgage Specialist[/vc_column_text][/vc_column][/vc_row]

Home Ownership Goals

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ARE LIFESTYLE CHOICES STANDING BETWEEN YOU AND YOUR HOME OWNERSHIP GOALS?

A shift in the way you approach spending and saving prior to buying your home means that you can continue to enjoy your favourite activities even after you signed the dotted line

With so much talk around Greater Toronto Area red-hot real estate market, it can be difficult for first-time buyers to avoid the ‘I’ll never be able to afford a home’ mindset. I believe homeownership is achievable, and have resources to help you on your journey.

Saving for a home buyer doesn’t have to automatically mean giving up everything you love, rather it should begin with identifying intentional spending and reviewing what is actually adding value to your life. It can be hard, particularly for millennials to give up certain comforts like vacations, nights out with friends, that preferred brand of premium coffee or a weekly manicure, but rather than cutting them out entirely, sort your ‘must-haves’ from your ‘can-live-with-outs’ and plan a reasonable budget around those expenses.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][mk_image src=”https://www.jessejohar.com/wp-content/uploads/2017/12/household-budget.jpeg” image_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1514406979148{margin-bottom: 0px !important;}”]UNPACK SPENDING HABITS

Make a spreadsheet of your typical spending habits over the last 3 months to give yourself an accurate picture of where your money is going.

In a similar way you would approach a lifestyle change to reach your health and fitness goals, saving for a home buyer requires a lifestyle shift that doesn’t leave room for frivolous spending. It’s best practice to start this lifestyle shift early on.

Many new homeowners think that as long as they can get approved for a mortgage and get their foot in the door, they’ll deal with finances later. This is a birthplace for house poor phenomenon and should be avoided. A shift in the way you approach spending and saving prior to buying your home means that you can continue to enjoy your favourite activities even after you signed the dotted line.  A realistic picture of how large of a monthly mortgage payment you can take on.

SORT YOUR EXPENSES

Sort expenses into two categories, Necessary and Other.

Necessary expenses are items such as shelter, transportation, living expenses and any debts that you are paying off. The rest goes into Other folder. Before you begin sorting through your non-essential expenses, look through your Necessary costs and see if you can reduce. A few simple shifts can make a huge impact on your monthly Necessary costs.

The finally begin shifting through those Other expenses. A few common categories that you would probably find are over spending in are eating out, entertainment, memberships, shopping, entertainment, travelling, bank charges or ATM fees. If this is the first time you are  examining your finances, I recommend to do a deep dive into it. Divide your expenses by eating out into buying coffee, breakfast, lunch, dinner and alcohol.  This will help you see where you’re spending the most. Some of  these expenses may be ones that will make or break your home buying dreams.

UNPLANNED SPENDING

An impulse purchase of a TV on sale, a new outfit, and an impromptu dinner night can dismantle the plan you so carefully laid out for yourself. Mindless or Unplanned spending is kryptonite to all but the best planned budgets. With your new budget in mind, learn to say no to things you can’t afford. Those plans with friends can be made for the following month and work it into your budget. Refrain from walking into retail stores when you have maxed out your shopping budget and calculate the totals in your head or on the phone before you get to the cash register to avoid those unpleasant surprises.

SET YOUR BUDGET

You can see the big picture of where your spending areas are. Now begin developing your ideal spending in each category and now you decide what you have to eliminate. While doing this it is important to avoid the mindset of sacrificing or depriving yourself. You may not be able to do or have everything you had before. It is because of a shift in your values and a path towards a larger goal. With that being said, there are many things you can continue to do with proper planning and saving. Some items on your list, like a fitness class is non-negotiable.  Then you make cuts in other areas to cover that cost.  It is also important to note those areas where a change in your habits is needed.  Maybe bring a lunch from home or limit your dinners out to twice a month. Perhaps you were spending a lot on Uber or take too many small trips or vacations in that year you previously thought weren’t affecting your budget. This time may help you realize to increase your income and put you in a better position to meet your homeownership goals.

This will take some time, a few weeks or even months to make necessary updates to be at your ideal monthly spending & saving plan. This is the best adjustment period when you don’t have a mortgage looming over your head. Once you achieve and have arrived at your ideal spending & savings balance, you will have a better understanding of what it looks like a realistic monthly mortgage.

LOVE YOUR MONEY

Being financially wise doesn’t mean giving up your lattes or the things you love.  It means spending your money in alignment with what you value most. Staying financially wise is to have a weekly date with your money. Sit down, put on some music, make a tea or pour a glass of wine and review your finances with gratitude and appreciation, not judgment and shame. Make note of where you went wrong this week, and set goals and reminders for the week ahead. Don’t skip your money date. Not only does it ensure you know what’s going on with your hard-earned cash but it also fosters a positive association with your finances, rather than the crippling fear you may have experienced before.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][mk_image src=”https://www.jessejohar.com/wp-content/uploads/2017/12/home-buyers-jesse-johar-coldwell-banker-real-estate.jpeg” image_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1514407294842{margin-bottom: 0px !important;}”]ADDITIONAL TIPS TO GET YOU TO YOUR GOAL:

  • Every time you swipe your card set up an automatic transfer of $5 into your savings account. This will make you be more mindful of your spending, knowing it will costs you $5 a pop. At the end of the year you will have a nice chunk of change to added to your down payment.
  • It is an extra hurdle if you’re still paying off debt while saving for a home, that requires a bit more attention. Consolidate your debts to the lowest interest rate possible and a payment schedule into your budget. Try to pay the higher interest debt first if you cannot consolidate. Monitor your payments and do not fall into a habit of dumping lump sums into your debt whenever you can.
  • Meet with your financial advisor at the bank to talk about the fees that you may be paying. Discuss with them how to reduce these costs and to maximize your money.  You can switch your accounts that best suit your spending habits and take advantage of any cash back credit cards, rebate rewards, higher interests savings or higher withdrawal limits without charges,
  • There are budget tracking softwares online like Mint that will take the guesswork out of your spending in individual categories. Online banking accounts can be linked to your preferred application and setting budgets for your month in different areas.  Then it will be tracked for you with each purchase you make, reminding you when you’re reaching your budget limit.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_video title=”Gain the most in today’s real estate market – Jesse Johar Coldwell Banker Real Estate ” link=”https://vimeo.com/131612042″][/vc_column][/vc_row][vc_row][vc_column][mk_padding_divider][/vc_column][/vc_row][vc_row][vc_column][mk_image_slideshow images=”4668,4667,4666,4665″ image_width=”1200″ image_height=”521″ effect=”slide”][/vc_column][/vc_row]

Brampton First Time Home Buyer

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Best Wishes to my client Totlyn Edwards, Her First Home in Brampton. Thank you for your business.[/vc_column_text][/vc_column][/vc_row]