With the spring house hunting season just around the corner, BMO Bank of Montréal and The Canadian Real Estate Association are recommending house hunters plan ahead.
One of the first things to sort out is a mortgage, and a BMO mortgage specialist can visit you at work or home to help guide you through the process. The mortgage specialists partner with a realtor who will be able to provide expert knowledge about location, price, neighborhood services and amenities.
Gary Morse, president of The Canadian Real Estate Association says "Buying and selling your home can be one of your biggest financial decisions. REALTORS are licensed professionals who can walk you through every step of the process. Our website, howREALTORShelp.ca, is a great starting point for homebuyers and sellers to learn about the process."
Your dream home may be available, but not actively listed, and a good realtor will be able to conduct research to find all the available properties which could suit your needs. In addition they can provide information on schools, utilities and zoning. They can help you decide whether a home will provide the right environment for you, and when you come to sell it they can estimate its value in the local market.
If you're thinking about marketing your property then a realtor can recommend cosmetic enhancements or repairs which could significantly increase its value and desirability. They will market your property to other realtors and to the public. If you need financing to help deal with any unexpected repairs, your realtor will be able to help you resolve these issues, and to close the transaction.
Laura Parsons, Mortgage Expert for BMO Bank of Montréal says "BMO’s mortgage specialists work closely with realtors. They have expertise in the local market and can provide details on property prices and community services. Buyers should consider choosing a 25 year amortization as a way of significantly reducing the amount of interest paid over the life of the mortgage. By getting pre-approved, customers have up to 90 days to search for the home of their dreams and looking at rates that make home ownership affordable."
BMO currently has a 10 year fixed rate mortgage at 3.99%, as well as a five-year fixed rate mortgage at 2.99%.