You’re about to embark on the journey of a lifetime. Buying a home can be such an exciting experience. Whether you are purchasing a home with a partner, significant other or yourself, there may be parts of the process that you find confusing or overwhelming. You don’t buy a new home every day, after all! That’s why the expertise and guidance of a local realtor can really come in handy. To help you with this process, we’ve put together a complete guide to applying for a mortgage.

Read on to learn more about the 10-step mortgage application process!

Pre-Qualification

The first step in the mortgage application process is pre-qualification.

During this step, you’ll be provided with a brief estimate of how much you’re entitled to borrow for a mortgage. You get this estimate by providing basic financial information, such as debt, income, and savings. The pre-qualification process can usually be done online or over the phone, free of charge.

Pre-Approval

The pre-approval process is much more thorough than pre-qualification. This is where the lender does a complete assessment of your financial situation. Most of the work for the application process is completed during the pre-approval, so you’ll save yourself lots of time later once you’ve found your new home.

You’ll have to submit various financial documents, such as:

• Proof of employment, including two paystubs
• Proof of bonuses, including T4s for the past two years on average
• Debt (credit cards, car loans, student loans, and the minimum payments for each)
• If you own a business, T1 Generals and Notice of Assessments from the past two years
• Two to three months of bank and investment statements
• 90-day down payment history
• T4A’s

During the pre-approval process, you’ll find out what the maximum amount that you can borrow for a mortgage is. This, of course, happens after the lender has had a chance to completely review your credit report.

There may be restrictions to the agreement. For example, the lender needs to approve the property. But in most cases, the fact that you are pre-approved proves that your financial situation is strong enough to qualify for a mortgage.

Now, the hunt for a home can really begin!

Mortgage Application

Congratulations! You’ve found the home you were looking for all along. Now it’s time to formally apply for a mortgage. This application will ask you questions about your financial situation and the property you’re interested in.

You may have to provide the following information:

• The amount you want to borrow
• The type of home
• The address of the home you intend to buy
• The estimated value of the home (completed during a home evaluation)
• The annual property taxes
• The expected sale price

If you’ve been pre-approved, your financial documents and credit have already been reviewed. If not, you’ll need to provide that information now. Try to be accurate as possible during the application process to help avoid issues later on and risk delays, or even losing your dream home.

Processing

If the estimate is accepted, the lender may send a mortgage processer your application, financial documents, and credit report for review. A mortgage processor is a company that reviews your information and financial documents to ensure accuracy and that the house can legally be sold.

Any issues will be brought to light at this point in the application process. If you have missed payments on your other loans, you may need to provide an explanation in writing. If you have missed payments in the past, it may be wise to prepare for this.

The mortgage processor may also ask you to submit additional documents for the review. Sometimes this happens because of missing pages, various errors, or a government program requires a unique document.

Appraisal

An appraisal of the home will help determine the accurate value of the property. The lender will hire a professional appraiser for this step, as an expert opinion will provide the most accurate estimate of the home.

The appraiser will come to a conclusion based on the size of the house, size of the property, general condition of the home, location, and amenities. Within three days of the appraisal, you will receive an estimate and a report that clearly outlines how they came to the proposed value. If the appraisal comes in lower than what was agreed upon between you and the seller, you have the option to pay the difference and lender will give the loan based on appraised value.

If this is the case, you do have a few options. You could negotiate with the seller to lower the price, ask them to take out a second mortgage on the home to cover the difference or provide a larger down payment to cover the difference.

Underwriting

The lender will receive a report once the appraisal and review are complete. This report will help the lender to decide if they will approve or deny your loan or ask you for additional information or documents. The lender will approve your loan after unwriting if they are content with your application and review.

Closing Disclosure

You will receive a closing disclosure, which is sometimes called a Mortgage Commitment Letter, at least three business days prior to the closing date. This will provide you with enough time to compare the information in this document to the loan estimate. The information within the two documents is quite similar, although the closing disclosure is what they are offering you.

The closing disclosure will include information about the mortgage. including payments, term, rate and amortization, and any conditions need to be fulfilled at the lawyer’s office.

Insurance

Usually, a lender will ask for proof of home insurance. This is to help protect their investment, and honestly, you should have it either way. You’ll need to apply for insurance immediately after you’re approved for the loan or speak with your current insurance company about the new address.

The insurance company can provide you with an insurance binder, which is essentially temporary coverage that lasts for about 30 days. This happens in the case that the insurance company cannot complete your application before the closing date, due to time limitations. Once the binder is complete, your insurance should be ready to go.

Closing

You made it! It’s finally time to close.

The closing happens during an appointment where the buyer (you), seller, real estate agents, the title company representative, lender representative, and attorneys are present. You will all review the final documents for the sale and sign all forms to complete the transfer of funds. This is where you will pay your down payment and closing costs.

Make sure to have your identification, proof of insurance, and a cheque for the down payment and closing costs. In lieu of a cashier’s cheque, you can also arrange for a wire transfer to send the funds. Once the closing appointment is complete, you will get the keys to your new house.

Owning

Congratulations! You’re now a homeowner!

For more information about applying for a mortgage, having a home evaluation done, or just for some more information on local real estate agents, head over to our blog! We’re always up-to-date on all the latest trends and news in real estate.

If you’re looking for the best real estate agents in Hamilton, Waterdown or Burlington, get in touch with our experts at Woolcott Real Estate today.

Have you decided to put your house on the market?

No matter the motivation behind the move, there are a few things you might want to take care of before putting your house on the market. Specifically, upgrades and maintenance. Let’s look at some of the more prominent upgrades that can help boost the value of your home in the end.

Start with the Basics

Boosting the value of your home doesn’t mean a $50,000 renovation or remodel. Sometimes, just small tweaks and repairs can really make a difference. What is hundreds of dollars in repairs could result in thousands when it comes time to sell.

Some of the basic improvements and tweaks you can make around the house to help boost the value of your home while on the market include:

• A fresh coat of paint throughout
• Installing storm doors
• Replacing old rain gutters
• Insulating the attic
• Inspecting the furnace and/or septic system
• Repairing leaks in plumbing

These updates are only a starting point. It all depends on your home and what needs to be repaired or upgraded. If you need help with plumbing, hire a professional. If you have a broken pipe at night make sure to contact round the clock plumbers.

Kitchen and/or Bathroom Remodel

Don’t overlook the power of a beautiful and functional bathroom and kitchen!

Remodelling your bathroom and kitchen spaces can have a significant impact on the value of your home when it comes time to sell. An upgrade to either of these two spaces, often the most used in the house, can create more space, ideal for larger families who fighting over it during busy mornings, while also helping create a more fresh and clean aesthetic that we all seem to desire.

Before starting any renovation, you should always consult an expert. A contractor, architect or real estate agent can provide you with guidance before you embark on this journey to ensure you maximize your profits.

Landscaping

The curb appeal of your home might be more important than you think. Potential buyers do judge a book by its cover, so you want to put your home’s best foot forward from the outset. If there are overgrown bushes and patchy grass, take the time to rectify these and make the best impression on buyers.

If your landscape is usually maintained but needs a little something special, consider updating existing floral arrangements and features. A professional landscaper can help you explore ways to spice up the exterior of your home with walkways, lighting, flower gardens, mulch areas, hedges, and water features.

Exterior Upgrades

Boosting the value of your home doesn’t solely rely on flashy and expensive renovations. Often, it’s just revamping and replacing the basics to ensure that the build and quality of the home are up to par. Some of the best exterior upgrades to think about include: replacing gutters, repainting windows and replacing doors. You should also consider having your roof examined, so there are no surprises come home inspection time.

Revamping these exterior features of your home can help boost curb appeal while creating a safer and more functional home for the person or family who buys your home.

Lighting

Advanced lighting systems can have a significant impact on the value of your home. Buyers are attracted to little things that can make a space more unique and efficient, especially when it comes to lighting. Dimmer switches, skylights, chandeliers and sun tubes might be worth looking into before putting your home on the market.

Create Space

One of the biggest trends of 2018 and the past couple years is open space. Homeowners love being able to walk around and have lots of free space. A minimalistic layout can definitely help create more space in your home.

Try arranging furniture in small groupings. This can give a room or space a purpose while opening up space that may have otherwise been used inefficiently. If you aren’t sure where to begin with arranging your furniture, a home stager may be able to help. There are many benefits of staging your home before putting it on the market.

If you have lots of cupboards and counter space, why not consider removing the island in the middle of your kitchen? Some may argue that it provides additional storage and room to cook, but if your kitchen already has optimal storage and counter space, ditch the island. It can really open up your kitchen and make it more appealing to buyers.

Did you find the information in this article helpful? Good news for you, there’s a lot more where that came from! Take a look at our blog to learn more about recent news and growing trends in Canadian real estate. On the other hand, if you’re looking to sell your home, contact our team of local real estate agents today! At Woolcott Real Estate, you’ll be working with some of the best real estate agents in Burlington, Waterdown, and Hamilton.

So, you’ve decided to put your house on the market?

Selling your home is no easy feat. Real estate is a competitive market. If you want to sell your home quickly and at the best price possible, you need to provide your listing with an edge. There are many things you can do to set your listing above the rest, but for now let’s focus on professional photography. Some homeowners or real estate agents may try to save money by skimping on a professional photographer. By saving a couple dollars here, you can put your listing at a great disadvantage.

Let’s look at some of the reasons why professional photography is essential when selling your home:

The Dangers of Using a Cellphone Camera

Finding someone who doesn’t own a cellphone these days is like finding a needle in a haystack. And with these devices comes a camera. Although the quality of most cellphone cameras has greatly improved over the years, they simply won’t provide you with the same kind of professional quality that a high-end DSLR camera, lighting equipment and home staging expertise provides. These benefits come along with a real estate photographer.
With a cellphone camera, you can end up with photos that are:

⦁ Low-quality
⦁ Grainy
⦁ Backlit
⦁ Out of focus
⦁ Blurry
⦁ Unedited

By hiring an experienced real estate photographer, such as the team of photographers that Woolcott Real Estate works with, you can feel confident that you will be provided with high-quality, professional results. Results that can truly help improve the quality of your listing.

Lack of Experience

Most do-it-yourself (DIY) home photographers lack the basic skills to properly photograph the various rooms within a house. There are many rules that professional photographers follow and techniques that they utilize to help enhance their results. This can include the kind of camera used, staging of the room, time of day the pictures are taken, angles of the photographs, and the editing process that follows the photoshoot.
One basic rule that all professional interior photographers should follow is to shoot the room in landscape. Landscape photography can help enhance the size of the room in the photo and capture everything in one shot. Shooting in portrait mode will do the exact opposite, cutting out vital aspects of the room, ultimately not providing potential buyers with a complete idea of each rooms layout and overall composition.

Difficulties of Shooting Indoors

Photographing the interior of a home presents many challenges. Experienced real estate photographers are well-aware of these issues, and are fully-equipped with the knowledge and equipment to overcome these obstacles.
Some of these challenges can include:

⦁ Poor results due to low-quality camera equipment
⦁ Time of day and lighting
⦁ Composition of a room and lack of staging expertise
⦁ Images that require professional editing software
⦁ Vertical lines and distorted-looking results

Of course, there are many more obstacles that can arise during a photoshoot. The expertise that comes with hiring a professional real estate photographer is what will help your photos overcome those challenges. A professional has the experience necessary to work quickly and efficiently, even in the most unique or challenging of situations.

The Benefits of Hiring a Professional Real Estate Photographer

There are many benefits that come along with hiring a professional real estate photographer.

For starters, they come with their own equipment. This usually includes a high-quality DSLR camera, tripod, drone, lighting, and editing software. They are the experts when it comes to home staging and taking a photograph that captures the entire room. The most experienced photographers can capture an image that not only looks pristine, but also showcases the welcoming and warm atmosphere of the home.

Professional real estate photographers tend to also have a great turnaround time. They understand that the real estate industry is competitive and truly never sleeps. They have the experience of working with many realtors and real estate teams, so they understand the importance of fast, high-quality results and presenting themselves in a professional and respectful manner.
There are truly so many benefits to working with a real estate team and real estate photographer, these points are only the beginning.

To learn more, contact our team of experts today. Woolcott Real Estate would be happy to discuss current listings with you, help you get started with selling your home, or discuss our real estate photography process.

The appearance of your home is so important while it’s on the market. Both the interior and the exterior need to be arranged in such a way that enables potential buyers to mentally picture themselves living there. To achieve this state of mind, your home must be staged perfectly. Of course, the assistance of a professional home staging company is always recommended, but there are a few things that you can do on your own to get the process started.

Here are 10 favourite décor tips for staging your home to sell:

1. Flowers and Greenery

Who would think that something so simple could be so effective when staging your home. Fresh flowers and greenery can add a burst of colour, act as an accent piece, add personality to a room, enhance the lovely fragrance, and can even be used as a focal point.
Boost the curb appeal of your home by adding fresh potted plants to the porch. Not only can this improve the aesthetic of your home, but it can create a more welcoming atmosphere too.

2. Colours

The colours used within your home can really make or break the appeal of a room as it’s crucial that potential buyers can envision themselves living in your house. This becomes increasingly difficult for them to do when there is a combination of colours that simply don’t go together, or an overwhelming amount of a very bright colour.
Instead, opt for neutral or soft, muted colours throughout your home. Colours such as grey, taupe, beige, pearl, and pastel-based colours work extremely well, especially with accent pieces like throw pillows, blankets, and rugs.

3. Lighting

Any realtor will not hesitate in saying the right lighting can truly bring a room to life. Try opening the curtains and allow the natural light to flow throughout the room. As for lighting fixtures, update anything that is outdated or dingy. These very small upgrades can really go a long way. Most potential home buyers love to see that even the smallest details, like light switches, are modern and updated.

4. De-Clutter and De-Personalize

A cluttered house is most often unappealing to home buyers. Clutter can make it difficult for them to see all aspects of the house. It can even give your home a less inviting atmosphere and leave the impression that it’s messy and not regularly cleaned or maintained.
By getting rid of clutter and keeping your personal items to a minimum, not only will potential buyers be able to envision themselves living there, but they will appreciate the clean, modern aesthetic that your home has to offer.

5. Updated Furniture Arrangements

If you have any old, ragged furniture, now is a good time to give it the boot. There are many options to upgrading your furniture when on the market, whether using a professional stager who has their own inventory, renting from a furniture company or even borrowing from a friend.
Take this time to really look at the arrangement of your couches, tables and chairs. Pulling couches away from the walls can help the room appear bigger, resulting in a more welcoming atmosphere and creating walkways throughout the room. You can create smaller sitting areas or decorative table areas too.

6. Modern Artwork

Simplistic and modern artwork can really complete a room. You can coordinate the artwork to match the overall décor within a room, and style it just right so that the room is complete. You never know, you might just find the perfect addition to your new home while you’re at it.

7. Fresh Coat of Paint

You’d be surprised at how effective a fresh coat of paint can be when you’re trying to improve a room. A simple Homestyle Painting job to cover up any marks on the walls or simply to provide a fresh and updated look and feel. Not only can it help boost the appeal of a room and your home, but it’s cost-effective too!

8. Accessorize Each Room

The right accessories can complete a room. They can help add character and personality to each room, while offering an inviting atmosphere.

Try including some of the following throughout your home:

⦁ Decorative pillows
⦁ Plants
⦁ Flowers
⦁ Books
⦁ Lamps
⦁ Throw blankets
⦁ Decorative bowls and plates
⦁ Artwork
⦁ Area rugs
⦁ Seasonal décor
⦁ Candles

Of course, these are just a start. How are you going to accessorize your home?

9. Styling Tables

The dining room table is an essential part of your kitchen and dining area, but it can be often overlooked. If you plan on doing a little kitchen remodel to help sell your home you could start with decorating your kitchen with a subway tile backsplash. Use this area to showcase the character, style and décor within your home. Neutral placemats, plate settings, floral arrangements and napkins can really bring a dining room table to life.

10. Deep Cleaning

Last, but most certainly not least: cleaning. Before you have potential home buyers come to your home, you need to give it a vigorous, deep clean. Think about how immaculate a hotel room is, and clean it better than that.

Future home buyers are going to be looking at every nook and cranny, so it’s important to clean every last inch. This includes under the kitchen sink, below the beds, scrubbing the trim, inside closets, everywhere in the bathroom and, of course, emptying garbage cans once you’re done.

For more tips and tricks for selling your home, take a look through our online blog. We are always up-to-date on the latest trends, advice and news in real estate. To get in touch with the Woolcott Team, contact us today. Our team of realtors can help you find houses for sale in Burlington, Waterdown, and more.

With many different types of housing options available in today’s real estate market, bungalows are often overlooked. However, these single-story homes offer plenty of advantages that may have you looking twice at buying a bungalow you see that’s for sale!

Greater Accessibility

Because they are built on only one story, bungalows are the perfect layout solution for home buyers with reduced mobility. Due to the lack of stairs, people with joint issues or breathing problems do not have to constantly struggle with moving throughout a bungalow. In addition, interiors are highly customizable; for example, features like doorways can be altered to more easily accommodate a wheelchair.

Bungalows Offer a Larger Parcel of Land

Because of the nature of the bungalow’s foundation, the overall property size is normally larger than a more conventional home. Having more land comes with more options to extend or remodel a bungalow in the future. You could even add a second story in future if desired – and if planning permits are approved.

Because bungalows are often detached or semi-detached, residents often have more privacy than others. Planting shrubs and trees around the property can help create even more privacy. Keep in mind that since all rooms are on one floor, some bedrooms or bathrooms may be more visible than usual.

Bungalows Offer Open Plan Living

It’s surprising what a home can be transformed into by knocking out a wall or two! Because of the reduced number of supporting walls found within a bungalow, open plan living becomes more possible. Open plans are amazing at creating a light, airy space. An open plan not only works great as a family home, but also for a home that doubles as a design studio or simply for a family that wants more flexibility with their home’s design.

Renovation Options within Bungalows

If you’d like to add on to the current size that is offered in a bungalow, consider completing a renovation. Ensuring planning permission is available is especially crucial if you are planning on buying a bungalow with the intent of already extending or rebuilding.

Some Considerations when Buying a Bungalow

If interested in purchasing a bungalow, keep in mind that they are typically more expensive than other options, considering the cost per square metre. This is because their one storey structure offers fewer rooms for the same size plot. In addition, since their windows are easier to reach, security protection should be considered when purchasing this type of home.

Because of the high cost to floor space ration, bungalows will likely have fewer rooms and storage space than conventional homes. However, if you have no problem with fewer ‘spare rooms’ that can be converted into guest rooms or offices, bungalows are still a great option!

Partner with the Woolcott Team to Buy/Sell Your Bungalow!

The realtors at the Woolcott Team are experts at buying and selling all types of homes, including bungalows. Let our professional staff expertly handle your next real estate transaction!

Contact us today to find out more about our services.

If you’ve been sitting on the fence about selling your home, it’s just about time to hop off. The fall is when we typically see a number of buyers coming out of the woodwork after summer holidays. This year, we have more buyers than ever looking, which, when combined with low-interest rates, less competition, and other factors, makes it an ideal time to sell for maximum dollar.

Here’s 4 reasons you should list your home in the fall:

1. There’s less competition: A healthy real estate market typically has approximately six months of inventory for sale. However, according to the REALTORS Association of Hamilton-Burlington, there is just shy of three months inventory. This means there are not enough homes to satisfy the number of buyers looking at this time of year – making it an ideal time of year for properties to stand out from the noise.
2. Interest Rates: With the Bank of Canada expected to raise interest rates again in 2018, many buyers are looking to take advantage of still-historic low rates in the fall market.
3. Landscaping: With fall comes beautiful scenery as foliage turns to brilliant colours. Many homes look their best in fall, with fall mums and stunning leaf colours acting as natural outdoor stagers.
4. Pre-Holiday Buyers: Many buyers that are looking at homes right now are very serious, as they are hoping to close in late November so they can be moved and settled before busy holiday season sets in.

If you’re considering selling, give the Woolcott Team a call at 905-689-9223 to learn what your home worth and more about the advantages of selling in the fall.