Avoid "low-balling" our initial offer, as vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home, and comparable SOLDS.
A pre-approved mortgage can be done for 90 days for FREE. As well, you can negotiate your mortgage rate usually between 0.5-1% off the posted rates with your lender.
Have your REALTOR® arrange a home inspection with a certified house inspection service of your choice. The costs will be approximately $250.00 to $400.00 plus GST depending on the size of the property. This could be your best money spent.
Avoid buying the most expensive home on the street. The most advantageous situation is to purchase the worst home in a good area, rather than the best house in the worst area. Location, Location, Location's true!
When you have a down payment that is almost 25% it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees.
On your mortgage, you will save the most money if you opt for an accelerated BI-weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years!
Use your tax credits to the best advantage by placing up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing.
Try and stretch to the maximum you can afford, therefore you will not have to move as soon. You will save $$ on:
Property Transfer Tax
Mortgage & Discharge Fees
Real Estate Fees
Be sure to check into your lawyers fees (separate from disbursements), your agent will be able to refer you to reliable professionals.