Five Tips To Obtain A Mortgage For First-time Home Buyers
As a first-time homebuyer, venturing into the world of mortgages can be tricky as there are several intricate rules and regulations to follow. These conditions can either qualify you or reject your application to acquire a mortgage for your home. For this reason, you need to gather vital information about different mortgages before approaching a lender to obtain one.
If you do a little research and preparation in advance, you should find it easier to get through the whole mortgage process. Moreover, it will prevent you from making the wrong moves, and ultimately suffering in the future. To help you adequately prepare for your first mortgage application, Angela Milosevic, a leading mortgage broker, has listed five tips to obtain a mortgage for first-time homebuyers. Keep reading to know what they are.
Tip #1: Get pre-approved
A mortgage pre-approval gives you some confidence and assurance that you are a qualified borrower in the eyes of a lender. A pre-approval also gives you an idea of the amount you qualified for, thus enabling you to initiate the homeownership process.
Tip #2: Down-payment
The biggest challenge for most first-time home buyers is coming up with a down payment. A first time home buyer should first consider meeting with a mortgage broker to discuss all the options available to them and advise them on how they can save up for a down payment if needed. In addition to down payment buyers also need to have enough savings to cover all the closing costs associated with home purchase.
Tip #3: Affordable property
Before looking through a property listing site or visiting a home showcase, you need to first assess your finances. This will help you evaluate whether you can afford a house and the monthly payment depending on the length of your mortgage.
Tip #4: Hire a mortgage or real estate professional
Whether you are looking for the right mortgage or looking for the right property, you need to enlist the services of a professional who can help you navigate through the mortgage market. They will even provide you with insights and work on behalf of your best interest. That way, you have the information you need to make a sound decision when choosing a mortgage.
Tip #5: Inclusion of child tax benefit
There are some lenders who take child tax benefits into account as a source of income when evaluating your income and credit to determine what you can afford. To apply for this benefit, the lender will direct you to furnish details about your child or children, their proof of age, etc. To connect with these lenders and get approved for this benefit, it’s essential to work with a well-connected mortgage broker.
For more tips on how a first-time home buyer can simplify their mortgage journey, reach out to Angela Milosevic. As an experienced mortgage broker in Cambridge, ON, I am committed to your needs and will support you throughout the mortgage process. With my services, you will receive unbiased guidance and access to a wide range of mortgage products and lenders.