Everyone who is looking for a first or second home wants the best mortgage rates from their mortgage broker Toronto specialist. However, there’s more to getting the best deal than that. Here’s 5 negotiating techniques you can use to buy the place you want.
Make sure your money is in order
Getting preapproved for a mortgage is the best way to show a seller you’re serious. That means going to a lender with some financial benchmarks in place to show you’re responsible. Don’t get too involved in looking for that new place until this part is done.
Don’t sweat the small stuff
Price differences can mean a lot or a little. If you do the math , you might be less stubborn when it comes to asking prices. For example, a four thousand dollar difference in price can mean as little as $19 dollars a month. As an experienced Toronto mortgage broker, we hate to see people lose a dream home over a minor difference like that.
Know the real value
Look at the recent sales in the neighbourhood you want to live in as a benchmark. A seller’s asking price might be bloated.
Find out why the seller is moving
The more you know about the house, the better. The more you know about the seller, the more wiggle room on the price you might have. If the person selling already has a new house, they’ll want a quicker closing. You can ask the listing agent for this kind of info. It should help you build a strategy.
Know the market
If you’re in a competitive market, you might need to move fast. How quickly you get an offer in often rests on the supply and demand in the area. If there’s a lot of action in the place you want to live in , make your first offer your best one. Got questions? We’re always here to answer them as your mortgage broker Toronto specialist.