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Recognized for his diligence and human touch, Maxime knows how to accompany first buyers and help them deal with emotions. One of the best ways to ensure the process is not overwhelming for a first buyer is to be well educated and properly prepared for the process. And most of all, he has the knowledge to help his clients attain their real estate dreams.
STEP 1 — PRE-APPROVAL
The first step in purchasing a home or investment property includes meeting with a trusted Mortgage Broker or Bank to obtain a pre-approval. Having a pre-approval in place is an essential step prior to starting your property search. Locking in a pre-approval will ensure three things:
- A guaranteed interest rate hold
- Knowing your maximum mortgage amount
- Understanding your monthly payment requirement
Having a pre-approval in place also gives you an advantage when it comes time to writing an offer on a property, as you can be more competitive when negotiating with the sellers.
STEP 2 — VIEWING HOMES & WHAT TO EXPECT
After you have your pre-approval in place, the home viewing process is next. This is definitely the most exciting part of purchasing a home and gives you the chance to visit the home in-person and see if it’s the right size for you, if it’s bright enough, close enough to schools, parks, and transportation.
Maxime Lafrenière will provide helpful information on homes and neighborhoods that is not always easily accessible to the public. The knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in will be extremely valuable. Maxime Lafrenière will carefully research and help determine the fair market value of the property. He will point out the benefits and disadvantages as it relates to resale value.
STEP 3 — WRITING AN OFFER
You have found the right property, and you’re ready to write an offer. Let’s talk about the process and the emotions that may follow. During this time, it’s normal to feel excited, nervous, scared, and a lot of other emotions. Having a professional available to walk you through this process will help you feel more confident in what might be the largest personal investment of your life. At this point, Maxime Lafrenière will guide you on the key Terms and Conditions to include in your Contract.
STEP 4 — ACCEPTED OFFER
Congratulations, you have an Accepted Offer!
The first step after making an offer and having it accepted is to complete any inspections that the offer was contingent upon. If one of the contingencies was a home inspection, you have a certain number of days to complete the home inspection after acceptance of the offer. When buying a house, there are dozens of reasons why having a home inspection is a good idea, even with new constructions.
STEP 5 — COMPLETING THE APPLICATION & WORKING WITH A NOTARY
After the inspection period is completed and any necessary negotiations are made, the next step to buying a house is completing the formal mortgage application with the lender.
Once your deposit has been paid, you will need to choose a Notary to assist you at completion. We will ensure your file is sent to your Notary. They will provide you with an estimate cost for the conveyance of your property. This will include all legal paperwork, disbursements, prorated taxes, and maintenance if applicable. You will make an appointment to meet with the lawyer within 7 to 30 days prior to completion.
STEP 6 — CLOSING AND GETTING THE KEYS
Closing day is here, congratulations!
Buying a house is one of the most exciting events in a lifetime and closing day is when you’ll receive the keys to your new house. At closing, you’ll be signing a few documents that finalize the sale of your new home. Understanding what to expect at a real estate closing is important and makes the closing seem much less stressful. Once all the documents have been signed, if the purchase offer indicated you’d receive possession at closing, you’ll receive all the keys to the property.
Exclusive tools to get you started
Dream home finder
Mortgage Calculator
Take a step forward and get to know your mortgage in advance with our innovative “Mortgage Calculator”.
Welcome Tax Caculator
Don’t be caught off guard and learn about the Welcome Tax you will need to pay before you buy with our “Welcome Tax Calculator”
” Buying with Maxime Lafrenière was excellent because the service is taken care of from start to finish and he has the right contacts! “
A.B, Westmount
Answers to all of your questions
Home buyers typically have a lot of questions throughout the process. Even an experienced home buyer can forget exactly how it works and what the proper steps are to ensure a smooth process.
When buying a home, one of the most important things to understand is that there is no such thing as a dumb question. If you’re unsure of something when buying a home, ask!
We get a lot of questions from people considering buying a home in the Montreal area. Some questions are related to the home buying process, house hunting, contracts, or accepted offers. Here are the top frequently asked questions from home buyers.
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Top Frequently asked questions from Home buyers
I’m thinking about buying my first home. Where do I start?
The first step is to get pre-approved for a mortgage. A pre-approval lets you know how much you can spend and locks you in at the current interest rate for 90 days or more, allowing you to shop with purpose and confidence.
Should I talk to a mortgage professional before looking at homes?
Absolutely. There is no point going out and looking at homes only to get your heart set on a property you can’t afford. Most real estate agents will at least ask if you’ve been pre-qualified before showing you homes, and some may require proof. Keep in mind there is a difference between a pre-approval (based on your answers to questions) and a pre-qualification (where they actually check all your information and confirm your qualification). Don’t waste your time looking without knowing what you can afford, and how much you are qualified to borrow.
Is there a best time of the year pricewise to buy a home?
Can I buy a home with no down payment?
Does a higher credit score mean a better mortgage rate?
Your credit score is a measure of your financial health. According to the Government of Canada, your rating “indicates the risk you represent for lenders, compared with other consumers…The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender.” Thus, a higher rating will typically secure a better mortgage rate, since you’re considered to be more likely to make your scheduled payments.
If you have a poor rating, do some damage control before you apply for your mortgage.
If I already own a home, should I buy or sell first?
Who pays the real estate agent’s fees when buying a home?
How long does the seller have to respond to my offer?
What if my offer is rejected?
How is the neighborhood/area?
How are the schools?
Home buyer's guide
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Our knowledgeable and dynamic team is relentless in making sure our clients get the absolute best value through their real estate investments by creating an unparalleled buying and selling experience.
Let our expert guidance lead you to success in your next real estate journey. Contact us today to see how we can best serve your needs!