Very Special Thread Of Real Estate Randomness

[betenoire]

Originally Posted by gayla

I was actually just reading some things a few days ago written by an agent in Ontario. The process seems very similar but they call things by different names (and add extra vowels, of course).

In general, the first step would be talking to a mortgage lender or bank to get preapproved for a mortgage. From what I can tell, the process there is similar to here but much more extensive. Preapprovals happen before you put an offer in on a specific property and are used to help you decided how much you want, and can afford, to spend.

The next most important step is finding an agent to work with. Personal referrals are always best but you can just call a real estate office and ask to speak to an agent. Agents that represent home buyer's are paid via the seller at closing so it doesn't cost you anything to use their services when you're buying a home. Each state, and country, has different requirements when representing clients in a real estate transaction but the basic commonality is that the agent represents you and has your best interests in mind during the transaction.

A good agent can help you find a good mortgage broker. They can explain all the ins and outs of how to buy a home, help you find a home to buy and coordinate everything all the way through closing. They will work with the other parties involved and, basically, let you know what you have to do through out the process.

So first step is really - Go find a good agent!

Thanks, Gayla. I'll be doing that as soon as I find out what's going on with this overnight position that I'm after. I do know that one of my part-time coworkers who averages about 20 hours a week got pre-approved for 130k, and that even now as a part-timer I work more than she does so I can expect around/at least the same amount as my limit. BUT I also know that I don't want to spend nearly much - I'm aiming for under 110k.