Buying your first home is one of the most important investment and personal decisions of your life. It’s also one of the most
complex transactions you may ever undertake.
Your first step involves deciding how you will approach your home search. Who will you work with throughout this process —
and how will you work with them? Ask yourself, “Do I want a DALE MUNDI agent working with me or for me?”
There is a difference!Meet a DALE MUNDI Agent As a buyer, you have a choice in representation. Most buyers
today choose to have a DALE MUNDI agent represent their interests in a real estate transaction. This is also known
as Agency Representation (or fiduciary representation), which simply means that the DALE MUNDI agent you hire is
legally bound to represent your interests. This involves the highest standard of care and extreme loyalty to you, the “client.”
Some agents will work with you as a “customer,” which carries a different level of responsibility. Most real estate professionals
require a client relationship because it allows them to provide the full range of services that buyers need and deserve. Your
DALE MUNDI agent will discuss representation with you and will request your commitment in writing for this level
As a first-time homebuyer, it’s important that you find someone you feel completely comfortable with, who you can trust, and who
listens to you and respects your views. They have the market knowledge and expertise, but at the end of the day, it’s your home
and your investment, so you must be able to work well with your agent. Experienced, professional DALE MUNDI agents understand and excel
Like in so many professions, reputation and word-of-mouth are crucial. Indeed, for DALE MUNDI agents, client and agent referrals
account for about 70% of business. As you begin your search for your DALE MUNDI agent, talk to family, friends, and colleagues who
have gone through the home buying process to see if they can recommend anyone. Homeowners who’ve had a positive experience with a
DALE MUNDI agent are only too happy to share this with you, much like they would a doctor, dentist, or auto mechanic. You can also use
the Internet, or visit our local office.
As a first-time homebuyer, look for an agent who is experienced in your market, but not so busy that they can’t give you due
attention. DALE MUNDI agents that carry the ABR® designation (Accredited Buyer Representative) are skilled in understanding and
responding to the specific needs of buyers. Consider looking for an agent with an ABR® designation before you look for a home
and you’ll be served, not sold. Your interests become their interests, and you’ll be working with someone who has gone the extra
mile by completing specialized training in delivering the best in buyer representation services. DALE MUNDI agents who have an ABR®
designation also have established track records, with proven experience in representing the concerns of homebuyers. To find a local
ABR® buyers representative visit REBAC.net.
There are many good reasons to work with a qualified real estate professional — especially a trained professional who has earned
the ABR® designation. In a formalized agency relationship, you can expect your DALE MUNDI buyer’s representative to:
- Provide you with the highest standard of care and extreme loyalty to you as the client.
- Understand your specific needs and wants, and locate appropriate properties.
- Assist you in determining how much you can afford.
- Help you get pre-approved for your mortgage.
- Preview and/or accompany you in viewing properties.
Determining how much you can truly afford involves meeting with a mortgage representative at a financial institution.
Most financial institutions, as well as Canadian Mortgage Housing Corporation, have online mortgage affordability
calculators that allow you to plug in your basic numbers to see how much of a loan you might qualify for.
Consider these calculations an estimate — a mortgage representative will take your preliminary calculations and see
if they hold up to further scrutiny. It’s important to be honest with yourself when you do your own financial review.
If you underestimated your household expenses to make your financial picture look brighter than it actually is, your
mortgage representative will probably expose a more realistic view.
The mortgage representative will then come up with some close-to-final numbers, presenting you with a preliminary
figure for pre-approval. Now you should prepare a thorough and realistic checklist of your current household budget,
say, if you’re renting an apartment and your expected budget in your prospective new home. You’d be surprised how some
new items — such as additional insurance or costs for general repairs — can add to your expenditures as a homeowner.
Make sure you take all of these items into consideration when calculating your mortgage affordability.
It is likely you will need the services of a lender when purchasing your home. Once your DALE MUNDI agent understands you and
your home purchase requirements they will recommend that you talk to a lender to determine your price range. Your lender
will begin the process to pre-approve you for a mortgage, which will include verification of income and down payment
(among other details).
Searching to find the right home is a process you should undertake thoroughly and carefully, and you should be just as
diligent in sourcing the best loan for you.
The past few years have seen historically low mortgage interest rates — the lowest in decades — leading some to call them