Why rent or buy
It seems like a dream come true when you’re at a stage in your life, and you want to seriously consider buying your own home. Traditionally, there should be no issues and it should, according to past generations, be a simple and straightforward decision. It’s just a question of finding the right house, contacting your mortgage broker in Guelph and start building a return on your investment! It may sound great, but in the present day, things are slightly different, well, a lot different in fact. Today you can find yourself weighing up the pros and cons between buying your own home and renting one.
There are many and varied aspects of buying real estate and therefore, be wise and don’t make any firm decision without consulting a qualified Guelph mortgage broker. They can advise on factors such as that although interest rates are at a record low, how do the costs involved in a home purchase balance out on your monthly income! Then you have the responsibility of maintenance and a variety of other expenses associated with owning a piece of real estate.
You, as a buyer
As with any other form of purchase, there are various options available related to how you purchase your dream home, but, it needs the expertise of a professional mortgage broker in Guelph. It is possible to purchase a home in Canada with a down payment as small as five percent, although the larger banks do prefer first-time home buyers to deposit an average of 10 percent.
However, if you discover your dream home, and it’s a very good investment, but you don’t have the full down payment, then your mortgage broker can advise you whether paying the mortgage loan insurance is the right decision for you in this situation. All mortgages have different options to meet different needs. Be sure to understand all your options and reach out to a licensed and trusted mortgage broker to help you through the process.
When considering whether to buy or rent a home, it in effect revolves around balances, including financial and emotional. Your Guelph mortgage broker is experienced in providing the scales that can help balance out the various factors associated with your dream home, or the wisdom of renting one. It is a decision to be made carefully and to take the time to research all avenues. At Mortgage Guys, we can help you to achieve your homeownership dreams. We work with many lenders to secure you the best loan possible for a new mortgage or refinance. Let our team help you with the pre-approval process so that you qualify for a new home mortgage today.