The Complete Home Buyer Handbook

Buying a home takes information, time and money, and it should also be exciting. This handbook is built to bring clarity to the process: it answers the questions that come up most often, lays out what to expect at each stage, and helps you move with confidence when the right home appears. As of January 1, 2024, the Trust in Real Estate Services Act (TRESA) added transparency and consumer protection to the process, and your agent will walk you through what it means for you before you sign anything.

Step 1: Get pre-approved for a mortgage

A pre-approval tells you what you can afford and often lets you hold an interest rate for a set period, which can save you thousands over the life of the loan. Four steps:

1. Talk to a mortgage specialist at your bank or an independent broker, someone who can compare the hundreds of rate and term options.
2. Complete an application to find out how much you qualify for. Your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios are two of the key numbers, based on your income and other obligations.
3. Gather your documents to finalize the pre-approval: income and down payment verification, mostly.
4. Get the pre-approval in writing with your rate hold confirmed. A pre-approved buyer also gives sellers more confidence in your ability to close. Ask for a pre-approval, not a pre-qualification, there is a real difference.

Step 2: Get clear on what you want

Deciding exactly what you want is harder than it sounds, so start early. A few decisions up front make everything after this easier:

1. Where do you want to live? Which areas, communities or specific streets? How important is being near schools, transit, the lake, the waterfront trail, shopping or the highway? In South Ajax, the difference between Lakeside, Discovery Bay, Duffins Bay and the streets north of Bayly matters.
2. What type of home? Detached, semi, townhouse, bungalow, two-storey. Consider lot size, age and how much work you are willing to take on.
3. Must-haves and deal breakers. Bedrooms and bathrooms, a garage, a finished basement, a home office, a pool or no pool, stairs or no stairs. Name the things you will not compromise on.

---

That is Steps 1 and 2. Doug and Rich work through the rest of the handbook with you in a buyer consultation, including the worksheets and checklists.

What the team covers with you in the full handbook:

• Choosing the right team, and how The Gordon Brothers Team runs a buyer search.
• The search, including homes not yet on MLS, expired and private sales, and how to read past the listing photos.
• Making an informed offer, deciding price, terms and conditions, and how negotiations play out in this market.
• Removing conditions, firming up the offer, and home inspection tips.
• Closing day, the legal paperwork, insurance, utilities and the move.
• The resource section: a dream home worksheet, common buyer costs, a change of address checklist and a pack-like-a-pro guide.

Request a buyer consultation below and the team will walk you through the full handbook.