Most of us dream of improving our lifestyle and moving to a larger home. The problem is that there's sometimes a discrepancy between our hearts and our bank accounts. You drive by a home that you fall in love with only to find that it's already sold or that it's more than what you are willing to pay. Most homeowners get caught in this hit or miss strategy of house hunting when there's a much easier way of going about the process. For example, find out if your agent offers a Buyer Profile System or House-hunting Service, which takes the guesswork away and helps to put you in the home of your dreams. This type of program will cross-match your criteria with ALL avail-able homes on the market and sup-ply you with printed information on an on-going basis. A program like this helps homeowners take off their rose-coloured glasses and, affordably, move into the home of their dreams.

If you want to get the best price for the home you're selling, there will certainly be things you can do to enhance it in a prospective buyer's eyes. These fix-ups don't necessarily have to be expensive. But even if you do have to make a minor investment, it will often come back to you ten-fold in the price you are able to get when you sell. It's very important that these improvements be made before you put your home on the market. If cash is tight, investigate an equity loan that you can repay on closing.

You should plan to sell before you buy. This way you will not find yourself at a disadvantage at the negotiating table, feeling pressured to accept an offer that is below-market value because you have to meet a purchase deadline. If you've already sold your home, you can buy your next one with no strings attached. If you do get a tempting offer on your home but haven't made significant headway on finding your next home, you might want to put in a contingency clause in the sale con-tract which gives you a reasonable time to find a home to buy. If the market is slow and you find your home is not selling as quickly as you anticipated, another option could be renting your home and putting it up on the market later - particularly if you are selling a smaller, starter home. You'll have to investigate the tax rules if you choose this latter option. Better still, find a way to eliminate this situation altogether by getting your agent to guarantee the sale of your present home (see point number 5 below).

Pre-approval is a very simple process that many homeowners fail to take advantage of. While it doesn't cost or obligate you to anything, pre-approval gives you a significant advantage when you put an offer on the home you want to purchase because you know exactly how much house you can afford, and you already have the green light from your lending institution. With a pre-approved mortgage, your offer will be viewed far more favourably by a seller - some-times even if it's a little lower than another offer that's contingent on financing. Don't fail to take this important step.

Your biggest dilemma when buying and selling is deciding which to do first. Point number 3 above advises you to sell first. However there are ways to eliminate this dilemma altogether. Some agents offer a Guaranteed Sale Trade-Up Program that actually takes the problem away from you entirely by guaranteeing the sale of your present home before you take possession of your next one. If you find a home you wish to purchase and have not sold your current home yet, they will buy your home from you themselves so you can make your move free of stress and worry.

With two major transactions to coordinate together with all the people involved such as mortgage experts, appraisers, lawyers, loan officers, title company representatives, home inspectors or pest inspectors the chances of mix-ups and miscommunication go up dramatically. To avoid a logistical nightmare ensure you work closely with your agent.

Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you inform yourself about the factors involved.

Industry research has revealed that there are 6 common mistakes that most homebuyers make in mortgage shopping that can have a significant impact on the outcome of this critical negotiation. If handled correctly, these issues could result in a mortgage that will cost you less over a shorter period of time.

Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 issues. Effective consideration of these important areas can make your payments work much harder for you.

Pre-approval is easy, and can give you complete peace of mind when shopping for your home. Your local lending institution can provide you with written pre-approval for you at no cost and no obligation, and it can all be done quite easily over the phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate that guarantees you a mortgage to the specified level when you find the home you're looking for.

When you discuss mortgage pre-approval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable committing to. Your situation may give you a pre-approval amount that is higher (or lower) than the amount of money you would want to pay out each month. By working back and forth with your lending institution to determine what this monthly amount is, and what value of home this translates into at today's rates, you won't waste time looking at homes that are not in your price range.

There are a number of questions you should be asking yourself before you commit to a certain type of mortgage. How long do you think you will own this home? What direction are interest rates going in, and how quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other questions will help you determine the most appropriate mortgage you should be seeking.

More frequent payments (for example weekly or biweekly) can literally shave years off your mortgage. Simply by structuring your payments so that they come out more frequently, will significantly lessen the amount of interest that you will be charged over the term.

For the same reason, authorized prepayment of a certain percentage of your mortgage, or an increase in the amount you pay monthly, will have a major impact on the number of years you will have to pay and could shorten your payment term considerably.

These two payment options can cut years off your mortgage, and save you thousands of dollars in interest. However, not every mortgage has these prepayment privileges built in, so make sure you ask the proper questions.

A portable mortgage, where available, is one that you can carry with you when you buy your next home and avoid paying any discharge penalties. This means that you will not have to go through the entire mortgage process again unless you are making a move up to a much more expensive home.

An assumable mortgage is one that the buyer for your home can take over when you move to your next home. This can be a very powerful tool at the negotiating table making it much easier and more desirable for a buyer to buy your home, and again saves you any discharge penalties.

Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make a significant difference in the cost and effectiveness of the mortgage you obtain. For example they can make the process faster thereby avoiding costly delays. Typically there is no cost or obligation to inquire.

To be pre-approved for a mortgage loan is your first step. You will go through what amounts to a mini-application process (paperwork, credit check, etc.) prior to shopping for a house. Pre-approval is more effective than pre-qualification, which only gives you a rough idea of the amount a lender will lend you—assuming no hang-ups in the credit and income checking process. When you are pre-approved, it's like carrying around a suitcase full of money. In the eyes of the seller, pre-approval makes you a very desirable “cash” buyer. That's a real advantage over another buyer whose financing is uncertain.

Once you know your specific price range, your real estate agent can regularly do a computerized market sweep for new listings. You should receive a hot list of attractive properties as they come on the market. This will give you a head start on other buyers because you will get the listings before they are advertised. Timing can be a vital part of your home buying experience.

Make yourself a “value expert” by investigating local properties to get an idea of price points, listing-to-sale-price ratios, hottest areas, and best places for a bargain. Once you know what your money will buy, your real estate agent can add up-to-the-minute knowledge of what comparable properties sell for in specific neighbourhoods and what impact specific features have on price. Working with a good agent will guarantee you the best price and terms.

Nobody wants their offer lingering on a fax machine in the listing agent's office while other buyers are putting offers on the seller's kitchen table. When the situation calls for that personal touch, you'll gain an advantage by having your agent present your offer in person. He or she may pick up critical intelligence on any competing offers by being on the scene.

An excellent way of showing the seller you are serious about buying the house is to include a good faith deposit along with the offer you make. This deposit could be as much as 5% of the bid price and surely will attract the seller's attention.

When deciding on your dream home you do not have to over pay to get it. Sure, you may have to offer something other than the asking price, such as paying some or all points, inspections, closing costs, or offering a settlement date that fits the seller's timetable. If you over pay now and have to sell your house in the future it will be harder for you to get back equal value.

You want to make sure that your contract isn't sloppy or cluttered with contingencies such as repairs. Keep contingencies to a minimum. Even better, offer to be helpful, take care of repairs, order an inspection in 48 hours, or be willing to take care of any required local certificates such as smoke detectors and water safety. Be open and flexible to try to help accommodate the needs of the seller.

What you need most in today's market is experienced professional guidance. As your neighbourhood real estate specialists we can help you get pre-approved, find a prize property, and negotiate the best deal on your next home no matter how heated the competition. Call us today. We'll help you be a cool customer.

What price should you offer when you bid on a home? Is the seller's asking price too high, or does it represent a great deal. If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

What are you looking for in a home? A simple enough question, but the answer can be quite complex. More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small. Maybe they're stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down. Take the time up front to clearly define your wants and needs. Put it in writing and then use it as a yardstick with which to measure every home you look at.

Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed. The last thing you want to discover when you're in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like.

As part of your offer to purchase, make sure you request an accurate property survey that clearly marks your boundaries. If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbour's new fence that is extending a boundary line, etc.) Be very clear on these issues.

Don't expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector's report. This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.

Pre-approval is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.

If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement. Prepare a list of agreed issues, walk through them, and check them off one by one.

Make sure you identify and uncover all costs – large and small – far enough ahead of time. When a transaction closes, you will sometimes find fees for this or that sneaking through after the “sub total” – fees such as loan disbursement charges, underwriting fees etc. Understand these in advance by having your lender project total charges for you in writing.

Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is the interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can't fix without compromising the terms of the deal, the financing, or even the sale itself.

Your lending institution may request an appraisal of the property, which would be your responsibility to pay for. Appraisals can vary in price from approximately $175 -$300.

Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.

When the home you purchase is a resale (vs. a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $700- $1,000.

Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.

Any new utility that services your hook up, such as telephone or cable, may require an installation fee.

Even the simplest of home purchases should have a lawyer involved to review all paperwork. Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.

Depending upon the equity in your home, some mortgages require mortgage loan insurance. This type of insurance will cost you between 0.5% -3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage and tax payment.

A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.

The cost for a professional mover can cost you in the range of:

• $50-$100/hour for a van and 3 movers, and
• 10-20% higher during peak demand seasons.

Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.

If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Depending upon where you live, determines whether or not a fee is charged, to certify the quantity and quality of the water.

If the town you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property's taxes by thousands of dollars.

This tax is applied whenever property changes hands and the amount that is applied can vary.

Several programs exist to help first-time buyers enter the property market. These programs require that you have never purchased a home before, and that you meet basic qualification standards. It is important that you consult a professional real estate agent who is familiar with these programs, so that you may make best use of them.

In some areas it is also possible to assume a mortgage. If this is an option in your area, your real estate agent will be able to perform search on listings requiring small to no down payments.

Depending on your financial standing, you may have assets worth equal to or more than your needed down payment. If this is the case, your financial institution may be willing to lend you the extra cash needed for your down payment, while securing it against your assets.

Some sellers may be willing to lend you money to purchase the home. This is known as a ‘seller take-back' and is essentially a loan from the seller to the buyer. Instead of your monthly mortgage payments going to a financial institution, they would go directly to the seller. This loan works in exactly the same way as any other, and is subject to the rules and regulations outlined upon instantiation.

Options exist for you to borrow for certain investments to a specified level, and using those investments to leverage a significant tax return. This process can be further coupled with a first-time homebuyer's plan, and turned into significant equity.

You can also borrow against savings in an RRSP, and if repaid in a certain time period, avoid any interest payments.

If you're interested in subsidizing your mortgage payments with some supplemental income, why not consider becoming a landlord yourself? Houses and condos with extra bedrooms and living facilities are often not much more expensive than those without. If you have been pre-approved for a mortgage that allows you to purchase a larger property, why not consider renting out the extra space and having a tenant pay your mortgage?

Oftentimes it is possible to secure a loan, even with a poor credit rating. If you have enough equity to borrow against, your financial institution may consider lending you money to purchase a home.

It is also possible to use a ‘seller take-back' loan for the purchase, using the seller as the lender.

Before you begin looking for a property, you should get pre-approved for a mortgage. It is important to make sure that you know your budget, as well as your monthly payments to make sure that they are within your means. Enlisting the help of a professional mortgage specialist is a good idea when it comes to locating a loan that meets your needs. Oftentimes a professional will be able to locate more competitive mortgage rates than those offered by a single financial institution. There is usually no obligation, and the benefits of knowing your buying power while shopping for your home reduce stress and wasted time.

This seems like a simple point, but many people make the mistake of confusing what they need with what they desire. Obviously the goal of shopping around is to find a property that fulfills both, but it's important to know that in the real world this situation doesn't always occur.

When the purchase price of an item exceeds $10,000, people commonly let emotion and desire play a big role in their decision-making processes. When you're looking at home you'll find that you're drawn to certain properties for completely different reasons; some based on needs, and other based on desires. Is it better to buy the house with the basement suite for rental possibilities, or the one with more bedrooms to better accommodate a growing family? Many people make the wrong decision at this step and end up regretting their purchase for years.

It's vital that you satisfy your needs first, and your desires second. Oftentimes writing down both can aid in the home-buying process.

You should make sure that your agent offers a buyer profile system to get you all MLS® System listings that meet your exact requirements. Using one of these systems can greatly increase your chances of finding that perfect home as you will be made aware of all existing and new listings that meet your requirements.

Sellers price their homes in several different categories and it's important to consult your agent about the price of a property. Keep in mind that roughly 75% of all homes on the market are priced 5-10% above fair market value.