Slave Lake Real Estate Search

Steps to Buying a Home

Step 1: Check Your Credit Report & Score

Before getting a mortgage or any kind of loan, you should always check your credit. According to the law, you're allowed to receive one free copy of your credit report per year. You can do this by visiting Annualcreditreport.com. Lenders will generally require at least 620 to qualify.  Scores range from approximately 300 to 850.  Generally, the higher your score, the better loan you'll qualify for. Don't forget to check your report for errors. If there are any, dispute them. It may help your credit score. You can also check your credit score for free at www.creditkarma.com

Step 2: Figure out How Much You Can Afford

You can calculate how much you can afford by starting online. There are several online mortgage calculators that will help you calculate an affordable monthly mortgage payment. Don't forget to factor in money you'll need for a down payment, closing costs, fees (such as fees for an attorney, appraisal, inspection, etc.) and the costs of remodeling or furniture. There are loans available with little to no down payment. An experienced home loan expert can help you understand all your loan options, closing costs and other fees.

Step 3: Find the Right Lender and Real Estate Agent

Make sure to find someone that you are comfortable with and who makes you feel at ease. Ask lots of questions and make sure they have answers that satisfy you. Your Real Estate Agent can help provide options.

Once you have the right mortgage Lender, make sure you at least get a pre-approval. Qualifications are only a guess based on what you tell the Lender and are no guarantee, whereas a pre-approval will give you a better idea of how big a loan you qualify for. The Lender will actually pull your credit and get more information about you. However, you could even take it one step further by getting an actual approval before you start home shopping. That way, when you're ready to make an offer, it will make the sale go much quicker. Besides, your offer will look more appealing than other buyers since your financing is guaranteed.

Step 4: Look for the Right Home

Make a list of the things you'll need to have in the house. Ask yourself how many bedrooms and bathrooms you'll need and get an idea of how much space you desire. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and/or pets to play in?

Once you've made a list of your must-haves, don't forget to think about the kind of neighborhood you want, types of schools in the area, the length of your commute to and from work, and the convenience of local shopping. Take into account your safety concerns as well as how good the rate of home appreciation is in the area.

Step 5: Make an Offer on the Home

Now that you've found the home you want, you have to make an offer. Ask your Real Estate Agent to run a Comparative Market Analysis to help decide on the best offer price. Once you've made your offer, don't think it's final. The seller may make a counter-offer to which you can also counter-offer. You don't want to go back and forth too much. Somewhere, you have to meet in the middle. Once you've agreed on a price, you'll make an earnest, which is money that goes in escrow to give the seller a sign of good faith.

Step 6: Get the Right Mortgage for Your Situation

There are many different types of mortgage programs out there, but as a first-time home buyer, you should be aware of the three basics: adjustable rate, fixed rate and interest-only. Talk to your Lender about your available options.

Adjustable rate mortgages (ARMs) are short-term mortgages that offer an interest rate that is fixed for a short period of time, usually between one to seven years. After that, the interest rate can adjust every year up or down, depending on the market. These are good for people who don't plan on living in their home very long and/or are looking for a lower interest rate and payment.

Fixed-rate mortgages are more traditional and offer a fixed interest rate (and thus a fixed monthly payment) for a longer period of time, usually 15 or 30 years, though they're available in 20 or 25 year terms. These are good for people who like a predictable payment and plan on living in their home for a long time.

Both fixed and adjustable rate mortgages can have an interest-only payment. What this means is that for a certain amount of time during the loan term, you're allowed to pay only enough to cover the interest portion of your payment. You can still pay principal when you wish, but don't have to if your budget is tight. There is a myth that with interest-only mortgages, you don't build equity. This is not necessarily true, since you can build equity through home appreciation. The benefit to interest-only mortgages is that you increase your cash flow by not paying principal.

Remember to ask your mortgage Lender or mortgage banker lots of questions about which mortgage is right for you and your situation.

Step 7: Close on Your Home

Make sure you get a home inspection before you close. It will be well-worth the money spent since it ensures the property's structural soundness and good condition.

Set the closing date that is convenient to both parties. Remember that you may have to wait until your rental agreement runs out and the seller may have to wait until they close on their new house.

Be sure you talk to your Lender to understand all the costs that will be involved with the closing so there are no surprises. Closing costs will likely include (but are not limited to) your down payment, title fees, appraisal fees, attorney fees, inspection fees, and points you may have bought to buy down your interest rate.

Step 8: Move In!

You've got your mortgage, closed the deal and now it's time to move in! Whether you use a mover or not is up to you, depending on your financial situation and how much stuff you have to move; perhaps also, whether you have a lot of friends willing to help you move. Either way, you're done with the home buying process! Just start unpacking and start enjoying your first home! Buying a home for the first time doesn't have to be a hassle if you're prepared and you know what to do and when to do it. Choose an experienced home loan Lender and a friendly, knowledgeable Real Estate Agent. They are the key to helping you have a smooth home buying experience!

Just Listed

$525,900
4 Beds 4 Baths A2136673 MLS® #
This is the home you've been dreaming of! This stunning, extensively renovated, and upgraded two-story property features 4 bedrooms, 3 bathrooms, and over 1844 sqft of living space. It includes both a heated double-attached and a heated double-detached garage. The private backyard offers a perfect blend of entertainment and tranquility, complete with all the essential features and exquisite finishes throughout.As you step inside, a spacious and open entryway welcomes you with a staircase leading upstairs. The large living room features a bay window that allows ample natural light to fill the kitchen and dining room, which has direct access to the backyard. The kitchen is a showstopper with its white cabinetry, built-in appliances, oversized island, tile backsplash, and marble countertops. The dining area seamlessly connects to a cozy family room with a mantled gas fireplace and views of the backyard, which boasts a dura deck with a built-in hot tub and gazebo, an outdoor kitchen, a covered lounge, and a fire pit in the fully landscaped yard. The main floor also includes a 2pc bathroom, a laundry room with sink, and a mudroom with access to the attached double garage.Upstairs, you'll find three well-sized bedrooms, including a spacious primary bedroom with a walk-in closet and a 4-piece ensuite featuring a bidet. Two additional bedrooms with large closets share a 4-piece bathroom. The fully finished basement offers a large recreation room with a massive wet bar, an additional spare bedroom, and another 4 pc bathroom. It's perfect for entertaining or relaxing with family and friends. Additional upgrades include an airtight wood-burning stove, radon mitigation system, central air, and more.Definitely a must see, close to schools, parks and shopping, located in an amazing neighbourhood for kids. Welcome home!

801 7 Street Sw, Slave Lake

Courtesy of eXp REALTY.

$489,000
4 Beds 3 Baths A2136211 MLS® #
Step inside this ultra modern and spectacularly constructed home, featuring multiple upgrades that ensure it stands out. Located in in quiet SE neighborhood and built in 2021 by a local builder with a great reputation, the craftsmanship, care, quality and pride really show. This home features contemporary styling throughout, with items like the waterfall counter top on the kitchen island, a beautiful fireplace feature in the living room with plenty of shelving for décor and electronics, a huge mudroom with a built-in bench as well as ample shelving and hooks, a large primary bedroom with deck access and a unique LED lit wall feature, a spectacular ensuite with floor to ceiling tile and a heated floor which carries seamlessly into the curbless shower. Technology was also incorporated in several aspects of the home including Led lighting throughout the exterior and interior, multiple “smart” appliances with internet connectivity, “smart” switches in several rooms to control various lights, a variable speed fan for the wood burning fireplace, and CAT6 data cable with ethernet connections in several rooms in the house. Many of these items can even be controlled with a “smart” speaker and controlled by voice. Whether you love to entertain guests, spend time with your family or just want a modern and comfortable space for yourself, this home is definitely appealing with plenty to offer!

1000 9 Avenue Se, Slave Lake

Courtesy of YEGPro Realty.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license. Data last updated: .