Start by making a list: ~Financing, ~New home features – Must have, Should Have, Want to have ~Particular area of the city you’d like to move to
~Find a Realtor local to the area you’re looking to move in
Financing Before you start looking for a new home you should find out how much can you afford? Best place to start is the mortgage broker or financial institution – Bank.
Mortgage Brokers Since they get paid by the lender that will be financing your new home after the financing goes through and closing documents are signed there is no cost to you to use mortgage broker. Other benefits are: mortgage brokers work with multiple lenders and are able to get you interest rates and financing conditions that best suit your needs.
The Banks Another good starting point is to go to financial institution where you already do your day to day banking. You already have well established relationship with them, maybe they already financed your current home, or car and they maybe able and willing to work with you and give you decent deal on new financing. Whichever way you decided to go, few things you need to pay attention to when it comes to mortgages. Low interest rate is just one of the few things that you should be looking for, other conditions that may have long term financial and or lifestyle impact you should be looking at and making sure that all of those conditions are explained to you before you sign on the dotted line. Those other conditions in mortgage commitment include: the term of the mortgage, what kind of rate are you getting, is it fixed or variable rate, open or closed mortgage. These are some of the things that you should be looking at and talking about with your mortgage professional.