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OAKVILLE BEAVER Friday, May 22, 2009 · 28 HOME AND GARDEN Advertorial Buying a home? Here are some things you need to know The spring house hunt is now well underway, and with rates at historic lows, homebuyers are actively looking at properties in markets across Canada. For most Canadians, buying a home is the single largest financial transaction they will ever encounter and it's critical that prospective homebuyers prepare themselves before they start their search. This week we look at some tips for those navigating the home buying process: 1) Know what you can afford. A mortgage pre-approval offers peace of mind by helping you determine the price range of homes you can shop for and the maximum mortgage you can afford. Remember that final mortgage approval is also based on your information and the property that is to be mortgaged. 2) Lock-in a mortgage rate before you begin shopping for a home. Many financial institutions will lock-in a rate for up to 120 days when pre-approving potential borrowers for a mortgage. Remember to renew the 120-day period if mortgage rates fall during this time, or better yet let an Invis mortgage professional do this for you. 3) Be specific about your lifestyle needs. Remember to consider not just the home itself but the property as a whole, including the neighbourhood and its proximity to work, shopping, restaurants, and other important places you'll be spending your time at. 4) Don't confuse an appraisal with a home inspection ­ you need both! An appraisal determines the worth of the property by estimating the market value of the land and building. A home inspection inspects the adequacy and condition of the building and all major systems. 5) Place conditions on your offer. Conditions provide you with the flexibility of withdrawing your offer if you are unable to obtain the necessary financing, or if the inspection reveals structural problems with the home. Even with pre-approval, homebuyers who make an offer without conditions do so at their own risk. 6) Borrow up to $25,000 for your down payment from your RRSP ­ tax-free! If you are a firsttime buyer, the Homebuyers Plan (HBP) allows you to withdraw up to $25,000 from your registered retirement savings plans (RRSPs) to buy or build your home. An Invis mortgage professional can tell you more about this program. 7) Understand closing costs. When buying a home, it pays to be informed about closing costs, which can represent up to three per cent of the purchase price, including: land transfer tax, lawyer's fees, appraisal fees, title insurance and home inspection fees. 8) Know your financing options. Many lenders offer mortgages which feature a 5% down payment, or in some cases 100% financing. If you borrow more than 80 per cent of the purchase price, your mortgage must be insured, typically by the Canadian Mortgage and Housing Corporation (CMHC) or Genworth Financial. 9) Don't do it alone ­ explore the benefits offered by mortgage brokers. Mortgage brokers act as a one-stop shop for planning advice and the best rates. Invis mortgage professionals work with prospective homeowners across Canada to provide valuable advice before and during the home buying process. Talk to an Invis mortgage professional today to access all your options. Invis is Canada's largest independent mortgage brokerage firm with a national team of over 800 mortgage professionals. Invis mortgage professionals provide expert, unbiased mortgage advice to first time homebuyers as well as those looking to renew or refinance their mortgage, purchase investment properties, or consolidate debts. Get kids interested in gardening (NC)--In the electronic age of Ipods, computers, and T.V. channels that run into the hundreds, it can be almost impossible to engage your kids in the outdoors. Playing in the fresh air and spending time outside is becoming more rare for many kids. With summer at hand, it's time to introduce your kids to the miracle of nature. Unlike electronic gadgets, nature is never outdated or obsolete. An easy way to do this is to help your kids develop an appreciation for gardening to get them outdoors. You can start by growing something fun like a pumpkin. Your kids will have a chance to water it and watch it grow all season long. And then harvest it in time for Halloween carving or painting. And finally, consider planting a fruit tree in your garden to attract butterflies. Butterflies love ripe, even fermenting fruit. Your kids will be the first to want to get outside and pick the fruits. 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