Are you in the market for a home in Mississauga, Ontario? Well, you're definitely gonna wanna watch this video as we talk about the seven steps that you need to know before you buy a house here in Mississauga and we're going after it right now.


Hey, what's up everybody. This is Sol here from the GTA Elite real estate team with my partner, Joanna. Hi everyone. So if this is your first time tour channel, we talk about everything that you need to know about eating, sleeping, playing, and all the different neighborhoods right here in Mississauga, as well as the GTA. So if this is your first time here, make sure you tap that subscribe button, tap that little bell. So you're notified every single time we do a brand new video and we're getting lots of messages, phone calls, and texts, and we absolutely love it. And if you're thinking about making a move, renting, or selling your place in Mississauga, reach out to us, we got your back when it comes to Mississauga, all right, let's get right to the next video. So a lot of people are reaching out to us and they want to know how do we find a house in Mississauga?


How do we buy one? And we always ask them a few steps. We wanna do a buyer consultation. So this video is gonna talk about what we go through when somebody wants to buy a house here in Mississauga. So the very first step I'd like to ask anybody is, what, what's the reason for them to want to buy a house? I mean, what's their timeframe. What has happened in their life that is making them consider buying a house? Because when you buy a house, there's a lot of responsibilities that, that you gotta basically budget for it. You gotta have the money for it. So find out what is your big, why what's the reason you want to even look into buying a home. And, you know, the prices are very expensive. So does renting outweigh, buying a house or is buying a house gonna outweigh renting?


So that's another topic we can discuss in another video, but right now it's all about you. We need to find out what your situation is and how, you know, you look at the downsize, upsize, you know, you get married, you want to get together and buy a house with a partner. Um, if you're in town and you wanna buy an investment, we also help investors as well. So let's find out the real reason as to why you want to buy a house. So that's reason number one and step number one. Okay. Step number two is we need to get you prequalified. So that's the, uh, one of the major important steps is to find out how much can you afford? How much will the bank lend you? So we need to know how much money do you have as a down payment. The bank needs to know what your income is.


How long have you been working at the certain job that you're with? Or are you self-employed or are you getting an inheritance? Have you checked with the brokers or did you go to the bank? As well as we have contacts for banks, representatives, as well as mortgage brokers to help you, you know, with your, mortgage qualification. So that's, step number two is let's get you, a budget to start with. So how much can you afford? The last thing you want to do is go and look at homes that you're not even qualified for. And you're just gonna be disappointed because you make an offer and you're not even gonna be able to afford it. So you're gonna get rejected by the bank. So before you do anything else is let's get you pre-qualified all right. Number three-step is the best part, which is to find a real estate agent.


I know a lot of people are just starting out looking online. I believe 90% of the people are online just searching, but eventually you're gonna have to hire somebody or, or interview different realtors. And, you know, you gotta, you gotta ask them questions. You gotta find out if they're a good fit for you or not. You could either call agents or you can get a recommendation from a friend. You can find a real estate agent through different website. If you sign up to a website, you know, the ones with the, all the pictures, like we have find GTA listings.com, you're able to get, different listings. And, you know, you might have to put in your information, that's sometimes how you find a real estate agent or you can go through open houses because open house are back up now.


And then the third step is to find someone that you're actually gonna work with. And we're gonna make another video on how to choose your realtor. But right now, this is just more of an overview. So get your real estate agent to help you find a home for you based on your reason for buying a house and your mortgage qualification. So step number four, this is the best one, in my opinion, is to do your research, meaning that you're gonna drive around different neighborhoods. You know, what I would do is I would walk around different neighborhoods that I'm interested in. You might want to be near schools near work, near transit, near shopping. So you definitely won't know unless you actually go there physically go to open houses, just drive around, check out different neighborhoods.


So just that way you can pinpoint, and it also helps your real estate agent narrow down your surge by knowing which neighborhoods you're really interested in. So some might be all predominantly apartments. So if you weren't looking for houses, there's probably not gonna be much out there, or it's just gonna be maybe too far out. And, you know, although the prices are good. So you're gonna have to sacrifice that. I know if I've had clients sit in their cars for hours, just check it out the scene, see what kind of people are living there. So that step number four is just your research.


Number five, we have decided if all ownership is the right thing for you. So before diving into the whole process of committing to buying your own house, it's very important for you to consider and think if buying your own house is what you really want. It's what you dream of. It's what you're gonna be able to afford. So maybe ask yourself these questions. Am I financially stable? Can I handle and manage a large purchase like this? I'm ready to take responsibility for all the cars that come with being a homeowner. Hmm. Or here is something for you to think about owning your own house comes with some pros in some cons, just like everything. So some of the pros can be the freedom to fix and renovate your house the way you wish it's yours after all. So you have to make it your own little palace or your bake palace.


A house is not only the place where you live its where you make a memory. So you have to make it your favorite place to be. Another problem can be that you building equity as you're paying your own mortgage. You also, have the stability and peace of mind that comes from being in control of your own investment. Like there's no probably a better feeling than owning your own house. So some of the cons can be the risk of financial loss. If by the time you sold your house, you have lost value. Hopefully, that's not the case, but just for you to know, another con can be the responsibility that rests on your shoulders. Like from all the things that you have to pay, like mortgage interest, property taxes, insurance, and maintenance like all those things add up. Another account can be at the monthly payments at if by the time you renew your mortgage and the interest went up.

So your mortgage payments are gonna be up too. And also as unexpected and expensive repairs around the house. Like if you had to replace the roof, if you have water damage, if you have to replace the furnace, those are the most expensive things around the house. So just for you to keep it in mind, number six, confirm your down payment. So if the money for your down payment is coming from your personal savings account, your checking account, or your tax savings account, keep in mind that money mass staying in there cause the money that you usually keep under your mattress in your cookie jar, in your sock drawer is usually know a sector as a down payment cause of the risk of fraud or money laundering. So to get verified, you will need to provide your lender with the 90 days bank statement with your name, your account number and your balance history.


The next one is if you're a first-time home buyer and you're taking advantage of the home buyer plan, this plan allows you to borrow up to $35,000 from your RRSP, which is registered retirement, saving, plan, tax-free. That money has to be repaid between 15 years from the time by you borrow, you will also need to complete a form cause T10 36, to prevent them to charge you a penalty when you withdraw the money. Again, you will need to provide your lender with a received from your withdrawal, a bank statement in the last 90 days bank statement from your RRSP, just showing how much money is available in that account. Next one would be if you just finished paying for your education and you don't have money for down payment, but Mama and Papa or family member are so generous to give to part of the whole amount for your down payment or you're very lucky, but it's still some steps that needs to be filed.


You will need to provide your lender with a signed letter from whoever is gifting you the money no in laws, not distant relatives, they don't qualify. So make sure that this letter states that this money is a gift. It is no intent to be paid back. You will need to provide your lender with the bank statement with your name, your account number and the for transaction, which should be done at least 15 days before closing date. And this money has to be clear from the bank. Next one is if the money for your down payment is coming from the non-Canadian funds, meaning outside of the country, make sure those funds are deposited into your Canadian account. Minimum 30 days before closing. These money has to be free from any holes at the bank. You will need to provide your lender with a 90 days bank history of your region of the funds.


A copy of your statement of the foreign account would also be very beneficial. If you make regular deposits from your foreign account to your Canadian account, just to prevent raising a red flag. The next one is, if you are already a homeowner, congratulations, and you have built up a good amount score. You have the option to put all or a portion of your proceeds as the down payment for your next loan. In this case, you will need to provide your lender with a copy of the set purchase of sale agreement with your signature and the buyer's signature as well. And if there is an understanding, the balance of your previous mortgage, you will also need to provide the most recent mortgage payment. Number seven was the cost, the account we buy in our home. So closing cons can range from 3% to 5% of the total purchase price.


If you planning to put 20% as the down payment, then you might not need the mortgage loan, but if you're planning to put less than 20%, then you're going to need the mortgage loan insurance. And that depends on the mortgage loan. For a down payment, it's usually 5%. So for a home inspection can go from 500 to 800 for a home appraisal can go from 300 to 500. Some lenders will prefer to appraise the home before giving you a loan. If you're planning to buy a condo, then you will need the condo certificate. And that can go from a hundred to $200. Lawyer fees can go from 500 to 1500. So lawyers can ask you for more depending on the complicity of the purchase. If you build in a brand new home, then you will need to pay 30% of HST, but you might qualify to receive some provincial rebates.

Depending on the aim value of the rule, moving cars can go from a thousand to 1500 depending on the part of the city that you're moving to. Last but not the least, make an offer and seal the deal. Once you find the house you want, things will move fast, but don't panic. First, you'll have to submit an offer to purchase. So if the market is high like this right now in Ontario, you might not be the only buyer submitting an offer. So might be approved, but don't give up experience and knowledge our team will do what it takes to get you the house you choose. Once the offer is accepted, you will pay the deposit, and arrange and finalize your mortgage, and finances with your, mortgage brokers. Then you arrange at-home sessions and if everything is good to go, the real estate lawyer will do the transfer of the title. The process might take like 30 to 60 days, depending on the terms of the offer of purchase of sale. So once everything is in place, you will receive the keys from your real estate agent and you will be an official owner of the house.

All right? I hope you enjoyed that video as much as we enjoyed making it. It's one of our favorites on how to actually prepare you to buy a home in Mississauga. So if you enjoy this video, leave a comment below, and let us know how we can help you. You can reach out to us by texting phoning or calling. Our phone numbers are gonna be displayed here on the video, as well as visiting our website at findgtalistings.com. Thanks for watching. And we'll see you in another video.