Mortgage Resources - Buying Your Home

Whether you’re a first-time homebuyer or purchasing a home for the second or third time, the journey to owning a valuable piece of real estate is exciting, and rewarding.

There are so many decisions to be made, and they are decisions that have long-term consequences. Yet there are many experts with specialized advice who are ready to help you make the best choices for you, your family, and your future.

View our mortgage glossary.

Ongoing expenses after purchase:

• Mortgage Repayment. 
• Insurance (e.g., home, fire).
• Property Tax.
• Service Fees (e.g., cable, telephone, internet connection).
• Utility Bills (e.g., electricity, gas, hydro).
• Maintenance Fees (e.g., condo fees).
• Other Repayments (e.g., loans, credit cards).

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Step 2: The legal procedure

Conveyancing

Conveyancing is the legal process that transfers the property from the existing owner to you. Following acceptance of your offer, you should appoint a solicitor to attend to the legal procedure.

Why a Solicitor or Notary?

It is the role of the solicitor or notary to ensure that all the legal aspects of the transaction – including the title deeds, which are your proof of ownership – are in order. One of the best ways to choose a solicitor or a notary is to have one recommended by someone you know. If this is not possible, shop around and obtain at least two or three quotes. The fee charged by a solicitor or notary varies across regions. Other expenses, such as land title search and land registry fees (also known as disbursements), will be charged separately and added to your bill. If legal complications arise, your final bill may be larger than the original quote.

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Step 3: The Actual Purchase

At the actual purchase of your home, all parties will sign an agreement for purchase and sale. At this stage, you must pay the agreed deposit, normally 5% to 10% of the purchase price.

Now, both you and the seller are committed to proceeding. Neither party can pull out of the deal without incurring major costs (such as forfeiting the deposit), unless an agreed-upon condition is not met.

Finally, the closing date arrives. Congratulations! You are now the proud owner of your chosen home!

All the legal aspects will have been taken care of, and the purchase money will have been paid to the sellers’ solicitor. You will make your first mortgage payment approximately one month after closing.

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Step 4: The count-down to your move

To ensure that the move to your new home is as smooth as possible, plan ahead.

As soon as you know the possession date, choose a date for Moving Day.

Moving arrangements

• If you need a mover, shop for several quotes.
• If you plan to do the moving yourself, you may need to hire a van and arrange for friends to help.

5 weeks before Moving Day

• If you rent, give the required notice to your landlord.
• If you are moving yourself, start collecting packing materials, including newspapers and boxes.
• If you are using a mover, you can save money by doing the packing yourself. The company will usually have packing materials that you can purchase.
• Get rid of unwanted items. Have a yard sale, or donate the items to charity.
• Call your telephone and cable company to cancel your service at your current address and to install and re-connect of telephone, internet, and cable to your new address.
• Contact your water company and gas and electricity supplier to cancel your account at your current address and to set up new accounts at your new address.

2 weeks before Moving Day

• Contact your local post office to arrange for mail to be re-directed.
• Notify the following of your change of address:
  • Bank.
  • Clubs.
  • Credit card companies.
  • Doctor.
  • Dentist.
  • Employer.
  • Family and friends.
  • Finance companies.
  • Insurance companies.
  • Magazine subscriptions.

1 week before Moving Day

• Cancel papers and other services.
• Arrange for someone to look after young children and your pets on the day of the move.
• Confirm the final arrangements with your utility suppliers.
• Finish packing. Mark boxes you want to open first, for example, kitchen supplies, bathroom supplies, etc.

Day before Moving Day

• Pack everything you are going to take with you, but set aside essential items that you will need until the last minute.

Moving Day

• Clearly label boxes for easy identification.
• Keep your valuables secure at all times.
• Lock all the doors and windows before leaving.
• Protect the carpets by putting down drop cloths.

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Step 5: Future home improvements

Why Renovate?

There are many reasons you may want to renovate or improve your home. Yet they share a single goal —  to make your home more comfortable and liveable. You may want to:

• Fix or prevent a maintenance problem.
• Add more space, light, or easier access.
• Add new fixtures.
• Re-organize the layout.
• Build a garage, a tool shed, or a new deck.
• Add value to your investment.

Why a Contractor?

Is your project a small one that you can handle on your own? Or will you need a professional contractor? Finding the right professional contractor can save you time, money, and frustration.

When choosing a contractor, consider the following questions:

• What is the contractor's area of expertise?
• Can the contractor provide satisfactory references?
• Have you interviewed more than one contractor for the work?
• Is the contractor an active member of any professional associations?
• Can you view jobs the contractor has completed (besides their own home)?
• Is the contractor knowledgeable about the permits that may be required?
• Is the contactor's company bonded, insured, and financially stable enough to see the project through to completion?

At HSBC, we offer a range of borrowing options to meet your project's unique needs.

Equity Power Mortgage

With our Equity Power Mortgage, you can use up to 80% of the value of your home to fund your home improvement project. You can:

• Consolidate your borrowing needs.
• Access your home equity.
• Save money with a lower interest rate.

Personal Loan or Line of Credit

For smaller home improvement projects, or if you haven’t yet built up enough equity in your home, a personal loan or line of credit can meet your needs.

Choose a personal loan, when you:

• Have a specific budget.
• Only require financing a single time.
• Prefer a set payment, interest rate, and maturity date.

Choose a line of credit, when you:

• May need different amounts of money over longer periods of time.
• Prefer to pay interest only on the amounts that you use.

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