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Just for fun and informational purposes, here are all the stats and info on the house I am buying. The house is located in Ontario, Canada, less than an hour from Toronto. Let me know if I have forgotten anything, or if you have any other questions.

4 bedroom semi on a 50′ x 150′ lot.
4 car parking
Fridge, Stove, Washer, Dryer, Freezer and water softener included.
Central Air

Asking Price: $219K
Price Accepted: $212K
Deposit Paid: $1K
Land Transfer Tax :$1875
Yearly Tax: $2300
House Insurance per Year: $500
House Inspection Cost: $340
Current Interest Rate: 5.74% lock in for 5 years, but will go down if banks lower it before closing.
Bi-Weekly Payments: $550
Downpayment: $10,600 (5%)

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I am buying a house. It still sounds weird to say. “Hey look, here comes Jason the home owner”.

Anyway, tonight I get to meet the mortgage guy and sign the papers that will officially put me a quite a bit of debt. He seems to be a really great guy, has answered all my questions and not let me do anything stupid.

He explained the benefit of bi-weekly payments over monthy, and showed me how a cashback mortgage does nothing good for you over the long run and you will end up paying a lot more.

He is coming over tonight to make everything official. Hopefully I won’t pass out or anything before signing on the dotted line

Also, I drove past the house and saw the nice bright SOLD sign on it. That was pretty cool.

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I have decided to buy a house. What an undertaking this has been so far, and we are only up to the point of making our first offer! But it is quite exciting, and scary at the same time. We are learning so much about the house buying process, and I hope to write about some of it over the next little while.

The number one thing we have learned over this experience so far is that your credit is SO important. Please, if you do anything right in your life, take care of your credit. Do not brush it off, do not think you can fix it later. Make all your payments, or don’t use credit. It’s that simple. It’s amazing what a missed or late payment will do to you later on.

One more tip if you think you may be buying a house in the near future. Get your credit report done now so you have a chance to fix anything that may be wrong. If I had done that, I would of found out that a payed off and closed account from 2003 had not been reported properly which was bringing my score down. I am getting it cleared up now, but it would have been better if I had done so before trying to get pre-approved.

Anyway, I will be writing about the experience as we go, and letting you all know everything I learn. It should be a fun ride.

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