How To Buy A House in Ottawa: The Comprehensive Guide
Whether you’re starting a family, your career is taking off, or you just want to get out of the rental market, buying a house is a major step. There are many things to consider: how much can you afford? What kind of house are you looking for? How do you know if it’s the right time to buy?
Before we get into the nitty gritty, let’s answer some basic questions about buying a home in Ottawa. From understanding the mortgage process and making an offer on a house to getting pre-approved for a mortgage and everything in between, this guide is here to help!
Buying A House In Ottawa: The Basics
Before you start looking, it’s important to understand the basics.
- Do I need a mortgage pre-approval?
- What’s the difference between a fixed and variable mortgage?
- What are my other housing options?
These are just some of the questions that we answer in this article. Read on for all the details!
Getting Pre-Approved For A Mortgage
If you’re a first-time home buyer, getting pre-approved for a mortgage is a good way to feel more confident about your purchase. Pre-approval means that you have gone through the process of getting approved for a mortgage from one or more lenders and have been given an estimated value of how much money you can spend on a house.
Benefits of pre-approval:
- You are able to make an offer on a house with confidence
- You are able to compare listings, knowing how much you can borrow
- It may take less time to get approved as you already have most of the information they will need
- You will know what allowance your bank has set aside for you
How do I find out if I’m pre-approved?
Your potential lender should be able to tell you whether or not you’ve been pre-approved for a mortgage as soon as you submit all of your documentation. Keep in mind that some lenders may require that your current income, assets and liabilities are still accurate at the time of application. If this is the case, make sure to update them before sending any documents in.
Home Inspection
A home inspection is a professional, independent examination of the house you’re considering buying. It will help you find any faults in the property, including hazardous materials and structural problems. You’ll also need to hire a home inspector if the seller won’t let you into the house or if you want to make sure that it’s been well maintained over the years.
What’s Next?
So, you’ve read this guide and you’re at the point where you’re ready to take your first step. If you want help with every aspect of buying a home in Ottawa, give us a call! We’ll make sure that your needs are met and get you into an Ottawa home that’s perfect for you.
Conclusion
Buying a house can be a daunting task and one that should not be taken lightly. After reading this article, you should have a better understanding of the process and a few of the considerations that need to be made when buying in the Ottawa region. There are many factors to consider, but armed with the right information, you will be confident in your purchase.
A comprehensive guide to buying a house in Ottawa.
We here at Capital Mortgages look forward to assisting you with Ottawa mortgage needs and approvals. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com
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