Buying and refinancing a home

Before searching for a property

Set a working budget that includes the deposit, transaction costs, regular housing expenses and a reserve. Confirm which funds are available and whether any gift, sale proceeds or other source requires supporting documentation. A budget is not a lender approval.

Compare equivalent offers

Use the same borrowing amount, term and rate type when reviewing quotes. Separate lender charges from property-related taxes, insurance and other costs. Check whether figures are estimates and when an interest-rate quote expires. For a U.S. mortgage, the standard Loan Estimate provides a structured comparison; other jurisdictions use their own documents.

Refinancing: look beyond the new rate

Include charges for ending the current agreement and starting the new one. Consider the remaining repayment term and whether extending it increases total interest. A simple break-even illustration divides one-off refinancing costs by the expected monthly saving; it does not capture every tax, rate or timing effect.

Prepare for completion

• Review the final documents against the offer and raise unexplained changes.
• Confirm the source and destination of required funds using independently verified instructions.
• Check the conditions that must be met before funds are released.
• Keep copies of the signed agreement and repayment details.

After the move

Record the first payment date and how the payment will be made. Review insurance and recurring property costs. If circumstances change and repayments become difficult, contact the lender promptly rather than waiting for repeated missed payments.