FREQUENTLY ASKED QUESTIONS Q. How much can we afford? A. No matter what your income, numerous factors can come into play. We suggest you meet with the experts at your lending institution of choice. You should take documentation related to income with you, as well as records of other investments and liabilities, such as RRSPs, GICs, car loans, lines-of-credit, etc. Q. Do I have to wait for mortgage approval prior to making an offer? A. You may submit conditional offers. But it is probably advisable to have a pre-approved mortgage in place. That way, you know how much you can afford and we can negotiate more effectively. There is nothing more disheartening than finding your dream home, conditionally purchasing it, and having the bank tell you that you can't have it. Q. Are there other closing costs in addition to the mortgage down payment? A. The obvious ones are legal fees and utility service transfer fees. Less obvious items include land transfer taxes, utility hookups and applicable GST in the case of new properties. It is important to examine the offer to purchase carefully. If GST hasn't been included in the price you will be looking at tens of thousands of dollars of extra outlay at the time of closing. Q. Do I need to have the home inspected? A. This is prudent most of the time. When a property is less than three years old it is generally protected under HUDAC or other warranty programs, so this should be factored into your decision about whether or not to go ahead with an inspection. Just because a home is new doesn't mean it is well built. Conversely, quality construction will always stand the test of time. Ultimately, the decision has to be yours. We are quite happy to arrange this service for you. ANY OTHER QUESTIONS? CONTACT US AT teamcaledon@rogers.com