First Time Home Buyer
One of the most exciting and rewarding moments in anyone’s life. Is being able to purchase your first home! Regardless of whether you're buying an apartment, townhouse, rancher or a two-story family house. It’s a BIG accomplishment just to get your foot in the door. This gives you a sense of freedom and security. Just for you to get your foot in the real estate market it gives you the opportunity to build equity and future dreams.
With the feeling of being a first-time home buyer, it is important to remember that this is likely the largest financial decision you will ever make. You need to ask yourself some questions to ensure you are ready to make this incredible leap!
1. Are you financially stable?
2. Do you have the financial management skills and discipline to handle this large of a purchase?
3. Are you ready to devote the time to regular home maintenance?
4. Are you aware of all the costs and responsibilities that come with being a homeowner?
First Time Home Buyers (“FTHB”) think they need 20% down. But the minimum down payment on any mortgage in Canada is 5%. But if you want to put down more than it is beneficial as it will lower the amount being borrowed. However, if you can only afford the minimum that is GREAT ASWELL! Just remember, if you are putting down less than 20% to purchase your home, default insurance will be mandatory to protect the investment.
Once you have your down payment, you will want to speak to a Mortgage Broker like myself to get you started on the pre-approval process for mortgage financing. This process is NOT a mortgage approval, but it will give you a head start to collect all the documentation required for your pre-approval. This pre-approval will give you a sense of how much of a mortgage you can attain, and it allows you to lock in a rate and term (for up to 120 days) while you shop! While temptation will be to start looking at the very top of your pre-determined budget, it is important to remember that there will be fees, such as closing costs, and a little wiggle room is always a good idea.
As a Mortgage Professional, I will be more than happy to help you through the mortgage process, from pre-approval to secure financing. Along with securing the best mortgage product and rate that fit your current situation,
In addition, I have many contacts in the industry and would love to connect you with a realtor who will be your advocate while showing you homes and ensure that you do not encounter any hidden roadblocks.
When you are ready to take the next steps, feel free to contact me. I would be honored to help you get started on your home ownership journey!