028: 5 Things You Need To Know When Buying Real Estate

Kyle Miller Shares The Top 5 Things You Need To Know When Buying

Introduction

Make sure your next home purchase is easier with these tips.

Key Points

[01:36] Rates
- High ratio mortgages are any mortgage less with less than a 20% down payment.
- Anything less requires Mortgage Default Insurance.
- Un-Insured Mortgage is a mortgage with more than a 20% down payment.
- A single unit rental (condo, detached home, townhouse) will cause you to have a higher rate.
[06:25] Are you more concerned with getting a good rate or getting approved?
- Getting the lowest rates are possible but the process can take upwards of 2 weeks.
- Taking the slightly higher rate can be processed within 24 hours in some cases.
[09:30] Timing
- Timing is critical to all aspects of the real estate deal.
- Avoid putting in an offer when you’re about to go away on vacation.
- Going out of contact with your broker is a risk to take.
- Realtors and mortgage brokers work weekends, lenders don’t.
- 5 days is not a lot of time in the real estate world.
[17:24] When is a deal done?
- A deal is done when money changes hands with the lawyers.
- Know what your risks are.
- What makes a deal go sideways? Not being clear on your income or misrepresenting your income is one of the main reason deals fail.
- Do as much work upfront as you can.
[22:58] Use the knowledge of the people around you.
- Communication between the professionals is very important to make sure everyone is working at their best.
- Avoid giving the money back on closing. This can cause discrepancies with the value of the property.
- Some of the professionals are working for their client, not you.

Contact Kyle Miller