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

$539,000
4 Beds 4 Baths A2110587 MLS® #
Imagine stepping into your dream home and realizing it's even better than you imagined. This well-planned 2-storey home has everything you could want and more! From the moment you walk into the stunning front living room, you will be in awe of the tall ceilings, large windows, and wood-burning fireplace that not only heats the living area but is also connected with central air ductwork to heat other rooms in the house. As you continue through the house, you'll fall in love with the chef's kitchen, complete with an island, garburator, trash compactor, wine rack, and pantry. The dining room is open and inviting, with a custom-built table and benches set in the bay window and the family room is the perfect place to gather for movie nights with the kids. You'll also appreciate the convenience of a 3 pc bath, office, and mud room/laundry room on the main floor. And don't forget the double attached garage, heated with new garage doors and plenty of storage space. Upstairs, you'll find 2 bedrooms, a 4 pc bath, and a stunning master suite with steps up to your own space to be creative with. Attached is a walk-in closet and a luxurious 5 pc master ensuite with a jetted tub. But that's not all! The basement has been fully renovated with new flooring and paint and features another bedroom, 4 pc bath, rec space, and large storage area. The backyard is fully fenced with a large gate, a single garage with lots of shelving, a patio area, and a back deck. This home truly has it all, including central air, 2 furnaces, laundry shoot and pre-wiring for a sound system in the family room. You won't want to miss out on the opportunity to see this incredible home in person. Come and see for yourself how this dream home can become your reality!

332 4 Street Ne, Lesser Slave River No. 124, M.D. Of

Courtesy of ROYAL LEPAGE PROGRESSIVE REALTY.

$311,500
4 Beds 2 Baths A2103410 MLS® #
This country residential property in Widewater offers a peaceful living environment on a spacious acre of land. Located less than 15 minutes away from the thriving community of Slave Lake, you'll have access to a variety of amenities and recreational activities.The wider Lesser Slave River region is known for its abundant wilderness, making it a great location for hunting, fishing, boating, and enjoying cabins and other recreational activities. The area is also home to industries such as forestry and oil and gas, providing diverse employment opportunities.The manufactured home itself is 20ft wide and 76ft long, providing ample space for your family. With four good-sized rooms and two full bathrooms, there's plenty of room for everyone. The kitchen has ample storage space and cabinets to keep things organized. The stainless steel appliances add a touch of modern luxury.One concern many people have in rural areas is access to water and sewer services. However, in Widewater, you can rest easy knowing that the MD of Lesser Slave River provides direct water and sewer supply, eliminating the need for sump pump-out systems and well water.The price of this property is set perfectly, allowing you to enjoy outdoor activities like roasting marshmallows by the fire pit while still having plenty of space inside the home for comfort and relaxation. It's an ideal opportunity to embrace country residential living in a fantastic community.

74019 B South Shore Drive E, Lesser Slave River No. 124, M.D. Of

Courtesy of eXp Realty.

$620,000
5 Beds 3 Baths A2108059 MLS® #
A sprawling rancher on a private country lot, offers space and serenity both inside and out! Enjoy cozy nights in the open concept main living space by the wood stove overlooking a quiet wooded yard. The massive kitchen with hickory cabinetry has a large prep island with raised bar and a breakfast counter. The upgraded appliances include a built-in gas cook top and wall ovens; and the family dining area opens to the screened-in, covered deck where you can enjoy the sunrise to the west! There is no shortage of bedrooms! The Primary features an amazing 4 pc ensuite retreat with a soaker tub, electric fireplace and access to the deck. This huge master bedroom has a walkin closet, vaulted ceiling and the maple hardwood flooring that continues throughout the home. THREE more bedrooms, as well as another office or den can accommodate larger families or room for guests. In addition, the home has greatroom, which serves as a multi-use space for a playroom, home gym, home schoolroom, or combination of all! Rounding out the home we have a separate laundry room, and 2 more bathrooms (3 pc and 4 pc)...plus storage galore. Ya, it doesn't stop there. The direct-access attached heated garage is big enough for 2 vehicles and space for a work area. Outside, the 3.01 acres are partially landscaped with lawn and perennial flower beds, as well as a rustic wooded area that adds privacy (perfect for a fort or quad trails). There is plenty of space for extra vehicles, RVs, toys. This property is serviced with municipal water and natural gas and has a well-functioning septic field that was installed in 2012. A new metal roof and eavestroughs were done in 2019. This acreage is situated off Poplar Lane east, which offers easy access to the Mitsue industrial park, but also, quick and slick to get to town and all amenities Slave Lake has to offer.

14 Allen Road, Lesser Slave River No. 124, M.D. Of

Courtesy of SELLER DIRECT NORTHERN HOMES REALTY.

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