There’s nothing like the excitement and anticipation of buying your first home – but it can also come with a lot of pressure as you step into the complex world of mortgages and financing. The good news is you don’t have to go through the process alone. An experienced, professional mortgage broker, like those on the Mortgage Guys team, can help you cut through the red tape and find the best rates and best mortgage options to help you buy your dream home.
Mortgage Pre-Approvals – A Great Place to Start
Wondering how much you can afford to spend before you go scouting for your first home? That’s a smart question, and a mortgage broker can help you find the answer. He or she can help you determine if you qualify for a pre-approved mortgage – which, in general terms, is the assurance that a lender will provide you with a specific amount of money when you’re ready to buy. Pre-approval status is typically determined by an assessment of your income, your assets and liabilities, the source of your down payment and your credit report, and you may be required to produce documentation, such as photo ID, a record of employment, a letter from your employer, your banking information and more. One of the best reasons to get pre-approved for a mortgage is that it gives you an advantage when you find a home you’re interested in. You’ll know exactly how much money you’ve got to work with, and can act quickly and confidently when it comes to making and negotiating an offer. If you don’t qualify for a pre-approved mortgage, your broker can still help you estimate a mortgage-qualifying amount that will help put you in the ball park for finding your first home.
3 More Tips for First-Time Home Buyers
1. Stay within your means. Even if you qualify for a large mortgage loan, keep in mind that your monthly mortgage payments have to be manageable within your budget. If every penny of your income goes toward your mortgage, the shine of your new home can wear off very quickly.
2. Factor in extra costs. Home inspections, closing fees and moving costs are just a few of the add-ons that pile up on top of the cost of your new home. Make sure you factor them in to your budget when you go to buy.
3. Try not to get emotionally attached. We know it’s hard at such an exciting time, but bidding wars and negotiations are just a part of the game. Try to go in with the mindset that there are plenty of houses out there and the right one will always come along no matter what happens along the way.
And finally, one more tip that we simply must include – book an appointment with a mortgage broker. Working with a broker is like having an expert in your back pocket, and there are is so much insight to be shared than any web page can offer.
At Mortgage Guys, we pride ourselves on the support we offer to all our first-time homebuyers as they start on their journey. We can’t wait to help you with yours. Contact us today.
Note: First-Time Buyers who purchase a home in Ontario can qualify for a rebate of the land transfer tax up to a maximum of $4,000.00. Click here for more information.