1. Get pre-approved, not pre-qualified
2. Have 3-6 months of emergency funds (outside of your 5-10% deposit)
3. Purchase a home 5-10% below your loan qualification limit
4. Have a minimum of $5000 available for inspection, closing and miscellaneous expenses
5. Always get an inspection done
6. Check out the neighborhood during the night and day
7. Talk to the neighbors, ask them about pros and cons of the street/neighborhood
8. NEVER buy anything substantial (car) before closing, it can affect your Mortgage pre-approval
9. Take careful notes of the properties you've viewed and re-evaluate with agent.
10. There is more than 1 house out there that will meet your criteria. No house that will meet every criterion. Remember the 70-15-15 rule. 70% fits, 15% you can change, 15% you can live with.
Jas Jagpal (Re/Max Dynastry) jasjagpal@rogers.com 647-272-6629
