Advice for first-time home buyers

First-time home buyer tips

If you are a first-time homebuyer, then buying your first home is a very exciting time.

But it can also be stressful and you will have lots of questions—What can you afford? What type of mortgage should I get? And so many more.

This will most likely be the largest financial transaction you will have in your life and it can be overwhelming, so here are some quick tips to make the homebuying process go smoother. The trick is to take it step-by-step and in the correct order.

Take some time to think through the advantages and disadvantages of owning your own home compared to renting. Are you ready for the responsibilities of home ownership?
Before you begin searching for a home, and so you don’t end up being disappointed or wasting the time of a realtor, speak with an experienced mortgage broker.

He or she can review your financial situation to determine how much you can afford and the maximum price that you should be considering.

You may believe you have been pre-approved by your bank but if there has been no documentation collected and your credit has not been checked, then that pre-qualification is really just a discussion. There is so much that can go wrong with a pre-qualification.

True pre-approvals are based on verified financial information and a credit check. If everything has been checked upfront then you should only need to be concerned about the lender approving the property you wish to purchase.

A pre-approval can also speed up the process when you do find a home although there is no guarantee that the lender will accept the property but it is best to be prepared especially during a sellers’ market. It can also guarantee you a fixed mortgage rate for a certain period of time while you are looking for a home.

Ensure your credit is in good shape and you are maintaining your credit rating by making your loan and credit card payments on time. You might not have realized this but your cell phone payment record is now being reported on your credit report too so it is important to pay that on time each month.

There are many benefits to using a mortgage broker during the home buying process.

We have access to many different lenders and can guide you through the process ensuring a greater chance of success starting will a pre-approval. We will show you all of your mortgage options through multiple lenders to help you choose a mortgage that is right for you.

You can get prequalified in under 60 seconds using the My Mortgage Planner mobile app on my site . You can start planning your mortgage here.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

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About the Author

April Dunn is the owner and a Mortgage Broker with The Red Door Mortgage Group – Mortgage Architects. She has been assisting clients to purchase, refinance or renew their mortgages for over 20 years.

April has experience as a Credit Union manager, a Residential Mortgage Manager with a large financial institution and as a licensed Mortgage Broker. By specializing in Strategic Mortgage Planning she has the tools available to build a customized mortgage plan, with the features and options that meet your needs.

April provides a full range of residential and commercial mortgage financing options for clients all over the province of British Columbia and across Canada through the Mortgage Architects network.

Contact e-mail address: [email protected] or by phone at: 888-561-2679.

Website:  www.reddoormortgage.com

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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