Home Buyers FAQ

Home Buying FAQ
Buying a home is a major milestone, and we’re here to simplify the process for you. At HomeLife Power Realty, we provide expert guidance to ensure a smooth and stress-free experience. Below, we’ve answered some of the most common questions homebuyers have so you can navigate the journey with confidence.

1. What Are My Options If I Can’t Secure a Mortgage?

Not getting mortgage approval isn’t the end of the road! There are still ways to achieve homeownership, including:

• Rent-to-own programs – Begin as a renter with the chance to purchase later.

• Owner financing – Some sellers may offer customized payment options.

• Using a co-signer or co-buyer – A trusted friend or family member can help strengthen your application.

At HomeLife Power Realty, we’ll help you explore creative solutions to get you into a home.

2. Can Newcomers to Canada Buy a Home?

Absolutely! If you’re new to Canada, here’s what you need to know:

• Building Credit & Employment History – Some lenders offer mortgage options tailored for newcomers.

• Minimum Down Payment – Permanent residents may qualify with as little as 5%, while non-residents may need 35%.

• Newcomer Mortgage Programs – Banks and lenders provide special financing solutions for recent immigrants.

We’ll guide you through the process and connect you with the right financial resources.

3. Open House vs. Private Showing: Which is Right for You?

Each option has its advantages, depending on where you are in the buying process:

• Open Houses – Ideal for exploring different properties and getting a feel for the market.

• Private Showings – Best for serious buyers who want a focused and personalized viewing experience.

Not sure which approach is best? Let’s create a strategy that suits your needs!

4. What Should I Check in the Final Walkthrough?

Before closing, a final walkthrough ensures everything is in order. Key areas to review:

•  Any requested repairs have been completed.
•  Appliances, plumbing, electrical, and HVAC systems are operational.
•  No unexpected damage or missing fixtures.

We’ll be there to guide you through this important step before closing day.

5. How Many Homes Should I View Before Making a Decision?

While there’s no set number, consider these tips:

• Viewing 4-6 homes per session helps prevent feeling overwhelmed.

• Take notes and compare key features of each property.

• When you find a home that feels right, trust your instincts and act quickly!

6. Can Buyers Get Cashback When Purchasing a Home?

Unlike retail shopping, homebuyers typically don’t receive cashback at closing. Some sellers or mortgage programs may offer incentives, but these often come with conditions. Focus on the home’s long-term value rather than short-term perks.

7. Why Should You Work with a Local Real Estate Agent?

A local expert offers distinct advantages, including:

• In-depth knowledge of neighborhood trends and pricing.

• Access to off-market listings and exclusive opportunities.

• Faster response times and personalized service tailored to your goals.

At HomeLife Power Realty, we use our local expertise to give you a competitive edge.