Buying your first home is an exciting but stressful experience. It is nearly impossible to be prepared for every possible curveball the home buying process throws at you, but we have a few tips to keep in mind as you begin the process of buying your first home.
If you’re thinking about buying a home, you’ve likely already started saving. But hitting a down payment threshold is only the beginning. You’ll need more money saved than just, say, 10% of the cost of a home. Closing costs such as land transfer taxes or legal fees need to be paid when you close on a deal. You should also keep some money saved for a rainy day, so that if you lose your job or have to take time off of work, you have the security of savings at your disposal. It’s never too late to start saving, and you can’t possibly save too much!
Build Your Credit
Much like it never being too late to start saving, it’s never too late to start building your credit. It is always important to pay all of your bills on time, as it has the biggest impact on your credit score. But there are also other important steps you can take such as keeping your credit card balances low. The better your credit score, the better your potential mortgage rate may be.
Find Your Mortgage
This is where we come in! Every lender has different offers. There are variable and fixed rate mortgages. We can help ensure you end up with the best deal possible and get you pre-approved! Every mortgage broker is different and it’s important to find the broker that makes you feel comfortable by explaining how your mortgage works and outlining the best options for you. If you have any questions feel free to give us a call (604) 763 – 4647 or fill out our contact form (whichever is more comfortable for you!).
When you submit a mortgage application with Ingram Mortgage Team, you get access to our Lender Comparison Report which gives you instant access to up to date information you can take with you when going to showings. We’ve had client success stories where they used our interactive report to update the numbers of the home they were looking for, right in the driveway, and were able to put in an offer on a home that was priced higher than what was originally pre-approved.
Utilize First Time Home Buyer Grants
The Government of Canada has an incentive available for first time buyers to help make mortgage payments more affordable. There are a few qualifications for eligibility, which you can check here. If eligible, you fill out a couple of forms after being pre-approved, and your lender will handle the rest!
Shop For Your Dream Home
Now for the fun part! With a mortgage pre-approval and a first time home buyer grant, you’re ready to start looking for a home!