Buying your first home? Confused about how to get a Mortgage? Need Guidance?
A lot of First time home buyer approach me with different question.When buying their first home there is usually a lot of confusion about how and where to Apply for a Mortgage. The first time home buyer mortgage process is usually very complicated as you have to begin from scratch and there are many things you should be aware of. But everything gets easy when you have a experienced Mortgage Broker on your side.
Following are the steps involved to Get Mortgage as first time home buyer
- Find the right Mortgage Broker
- Get pre-approved
- Search for your Home with Confidence
The first and foremost thing that you should do, before you go hunting for your first home in simcoe County, is to prepare yourself financially. A lot of people start searching for a home, finalize one and then find out they can’t afford it. You can avoid this if you get your finances in order first.
❖ How do you prepare yourself?
- Analyze your finances
- Get your documents in order
- Find out your options for down payment
The first thing you should do is analyze your finances well and make an analysis of your finances and make sure you have enough to be able to pay of your mortgage. Analyze your credit history, debt to service ratio to get an insight.
Get all of your documents in order. Make sure you have proof of income statements and other documents ready for perusal by your lender. It is also necessary to keep a check on the changing rules and regulations.
Down payment is an essential part of getting a mortgage. Understand your options with the help of a broker and find out how much down payment you can put up.
❖ What documents will a lender require?
- Proof of income
- Tax statements
Simcoe County Residents! Contact me today if you are a First time home buyer and need Expert Advice and guidance through the whole Process and after.
After you are completely prepared, your Mortgage Broker will understand your situation and get you the right Mortgage for your current situation.
After finding a mortgage which suits your need, you can get pre-approved for it. The pre-approval will help you set your budget as well as help lock in the rate for your mortgage.
With a pre-approval letter in your hand, you can now begin the home hunting process. The letter will give you a competitive edge with your seller and help you get your dream home faster.