As a buyer, it usually costs nothing to hire a real estate professional to help you find and purchase a home--your Realtor will likely get a portion of the commission the seller pays to his Realtor. When choosing an agent, get referrals from friends, relatives, and co-workers, and then interview as many agents as possible. Pick an agent that works in the neighborhoods you're interested in. Listen to your agent, but make your own decision.

It is important to form a relationship with an agent you trust. The agent then will understand your needs and wants and work harder for you. TRUST is the most important factor of working with and agent. You must trust he is looking out for your best interest wheither you are buying or selling. Many people feel they don't want to work with one specific agent. This is a mistake because you don't get to know the agent and more importantly the agent doesn't get to know you. If the agents knows what you want he can search through hundreds of listing must fast that you can and can see things you could never see.

That means determining how much money you can raise for your down payment and how much you can afford to pay on a monthly basis. Go to a lender to find out the size of mortgage you qualify for and get pre-approved. Better yet, use a mortgage broker to find you the best mortgage rate possible. When calculating the costs of home ownership, remember to plan for homeowner's insurance, property taxes, private mortgage insurance (if required), utilities, repairs, and maintenance.

Check with your Bank:

How much down payment do you have? ( this should not be borrowed)

Have available proof of income or financial statments if you are self employed or a letter from employer stating that you are gainfully employed.

How much are you qualified to buy?

Will this be CMHC (high ratio) mortgage?

What are the penalties to prepay your martgage?

Understand about bridge financing.

Is your mortgage portable?

Is it assumable?