A Beginner’s Guide To Buying A Home
As a first-time home buyer, you may have your dream house in mind, but no idea how to purchase it. Houses cost a lot of money, and unless you’re one of the rich or famous, making a direct payment is impossible. As a result, you have to depend on a mortgage to finance your real estate goals. Unfortunately, many first-time home buyers see mortgages as an obstacle, which becomes a strenuous burden given the preparation, saving, and legwork it requires.
To help you overcome this fear and get the ball rolling on the home buying process, Cambridge’s leading mortgage broker, Angela Milosevic, has put together a Beginner’s Guide to buying a home. The guide breaks down the home buying process step-by-step and shows how this milestone in your life doesn’t have to be stressful or scary, especially when you have a little professional help!
Hire a mortgage broker: Before you begin shopping for a home, it’s crucial to meet with a mortgage broker to see what you qualify for and confirm what you can afford. Mortgage brokers have the necessary tools and access to a variety of lenders to find a mortgage that’s tailored to you. Knowing what you can afford and hiring professionals will ensure that you get the best possible deal, without any trouble or stress. Also, hiring a mortgage broker means you have an ally, which is beneficial as the broker directly represents you and not the banks or lenders.
Build a budget: A house is a significant investment that requires a strategic financial plan so you can pay for it completely. When you apply for a mortgage, besides paying regular installments, you also need to make a down payment at the start. To ensure you have the money required to purchase a home, it’s vital to prepare a budget in advance, so you can accordingly save or make the necessary arrangements.
Get a realtor: Hiring a realtor is the best way to set yourself up for success when buying a home. Real estate agents know all the best neighborhoods about and can give you options based on your budget and requirements. Moreover, they can help you negotiate a beneficial deal and assist you through the formalities beyond your mortgage broker’s capacity.
Advice From The Pros
Know what’s within your budget: When going through the process of buying a home the biggest mistake you could make is not knowing what you can genuinely afford. This may then result in buying beyond your means or buying based on emotions and not facts. For this reason, the most important thing for you to remember is what you can afford. Add up the mortgage payments, plus the costs associated with owning a home, and all your other monthly expenses (for example, insurance, credit card payments, groceries, etc.) to know what you can afford. Once a budget is set, you can then apply for a mortgage pre-approval and go shopping for a house.
As an experienced mortgage broker in Cambridge, Ontario, educating clients about mortgages and first time home purchases, comes naturally to me. I have successfully helped numerous clients find the right mortgage for their requirements over the last twelve years. By building a strong relationship with my clients, I can quickly provide them with the advice and services they need to achieve their homeownership dreams.