How Much Can You Afford?
Purchasing a new home is one of life's most exciting but challenging experiences. The more prepared and organized you are, the less overwhelming this process will be. Knowing what you can afford at the onset of the home buying process can save you time by keeping your search in a realistic price range. Visit our Financial Toolbox section to view our online tools.

"HOT" Properties
How can you discover “hot” properties not currently listed on the MLS? Quite often the best properties in a ‘hot market’ are sold before they ever make it to the Multiple Listing Service – and exclusive listings never appear. This is when having a REALTOR® on your side is crucial. For more information go to our Home Search Page.

Get a Pre-approved Mortgage
A pre-approved mortgage will also give yourself an edge in buying a home. Already having your financing options in place, knowing your monthly payment and holding your interest rate can take much of the anxiety out of the home buying process so that you may concentrate on finding the perfect home.

In today's fast paced real estate market you will need an edge over the competition when submitting your offer to a seller. Being pre-approved for your mortgage financing will give you such an edge. Your REALTOR® will be able to submit a letter of pre-approval with your offer. This will demonstrate to the seller that your offer is to be taken seriously as your financing has already been pre-arranged. Your REALTOR® can explain this concept in detail to you.

Other benefits of being pre-approved include knowing your maximum purchase amount that you qualify for. First time buyers are often surprised to find that they can afford to spend more than they originally thought.

In times of rising interest rates, being pre-approved means that your interest rate is locked in and guaranteed for up to 120 days. If rates should go up before you purchase a house you will be protected and benefit from the lower interest rate.

Use Our In-house Mortgage Consultant
Buying a home in the 21st century is more than just an experience; it's a concept with a whole new set of opportunities. At CENTURY 21 Bachman & Associates, we now have our own in-house Mortgage Consultant who can provide our clients with the choice of many different lenders and mortgage products with discounts of up to 2.00% off the bank posted rates.

Contact Us for more information or find out more on our Connection - Mortgage Services page.

Today, home buyers have more options for obtaining their mortgage financing. Contacting a mortgage broker is a great place to start. The mortgage broker is an independent mortgage specialist that works for the mortgage seeker. They receive a referral fee from the bank that is ultimately chosen for the home buyer's mortgage. Therefore, there is no fee to the mortgage seeker. The mortgage broker works to get the client the lowest interest rate. They also make sure that the client obtains the best type of mortgage to suit their needs. They do all this and more, without charging the client! What could be better? The rate discounts. You can expect to receive up to 2% off bank posted rates by obtaining your mortgage pre-approval through a mortgage broker.

What Type of Down Payment Will You Need?
Although buyers can now purchase a home with as little as 0% down, any mortgage with a loan-to-value of more than 80% will need to have Mortgage Default Insurance in place.

Mortgage Default Insurance
Mortgage Default Insurance was originally introduced under the National Housing Act (NHA) of 1954. It was developed to protect NHA approved lenders from losses resulting from borrower default. This type of insurance is available through both CMHC and GE Capital and is mandatory for all borrowers with a down payment of less than 20%. The premium that is charged is based on the loan-to-value ratio.

30, 35 and 40 year amortizations are also available through CMHC and Genworth. Insurance premiums are slightly higher for these extended amortizations.

Arrange for a Home Inspection
Purchasing a home will be one of the most significant financial commitments that you will make. Along with the consideration of price, size, location and floor plan of the home, you must also consider the soundness of the home.

Arranging for a home inspection will help you to determine the mechanical and structural stability of your home. The home inspector will be able to outline any repairs that may be needed and what you can reasonably anticipate in the way of costs.

Closing Costs
Besides the basic down payment of your new home, as a buyer you will be faced with legal fees and disbursements classified as out of pocket expenses. These fees may include legal advice, land transfer taxes, tax adjustments, registration of mortgage documents, appraisal fees, mortgage application fees, and other miscellaneous charges including courier and photocopying fees. Although the general rule of thumb for determining what these expenses might amount to is 1 ½% to 2% of the base mortgage amount, it is strongly recommended that you consult your legal professional ahead of time to avoid any unpleasant surprises.

One Stop Convenience
At CENTURY 21 Bachman & Associates we have Connections. Connections is a unique program within the real estate industry that connects you, the customer, to valuable discounts, savings and services. Only CENTURY 21 can offer you these price advantaged and value added benefits. Talk to your CENTURY 21 Customer Service Manager about how they can provide comprehensive, one stop shopping convenience for all your home buying needs. From providing you with access to over 50 of the city's top real estate professionals, setting up your mortgage, through to arranging quotes for your move and home insurance needs, all it takes is one phone call. With this type of service at your fingertips, why go anywhere else?

Go here for more information on our Connections program.

To Find Out More About Buying a House and House Related Topics
Another great source of information for buyers is the Manitoba Real Estate Association site. Click below visit their "On The House" Section.