Buying a home for the first time is an exciting as well as a serious task.
You really have to be prepared for that. More than often, I’ve known people who have a home and yet their finances are a mess. Buying a home without being prepared and understanding few important things will hurt you in a long term. And that is why I have listed four important points you should consider before buying your first home here in this article.
Let’s begin !
1. Ask yourself “Am I ready to buy a home ?”
First things first. Not everyone is ready to buy a home when they think they are. Are you really ready to be a home owner ? Think about it. Will you be able to take care of your house – cleaning and maintaining it regularly ? If you’re planning on renting it, will you be able to get in good terms with tenants ? Will you be able to pay your monthly mortgage, monthly utilities fee ? What if you get a ticket for dirty front yard ? Will you be ready for that ?
2. Determine how much you can afford.
For most of us, home is one of the most expensive things we’ll ever buy. And that is why we need one big loan – a mortgage. You should calculate very carefully how much mortgage you can afford. Don’t bite off more than you can chew. Evaluate your financial strength before jumping into mortgage. Can you pay your monthly mortgage plus the utilities fee for your home with your current income ?
3. Know about the home buyers program.
Canada has recently launched a First Time Home Buyer’s Incentive (FTHBI) program. There are also other programs such as First Time Home Buyers’ Tax Credit, Home Buyers’ Plan (HBP) Simcoe County Down Payment Assistant Program etc. If you are a first time home buyer, then the FTHBI program may be suitable for you depending on your situation, other programs may also be suitable for you. Find out which one is best for you.
4. Find a mortgage broker.
People used to go to banks for mortgage. But now, they hire mortgage brokers. Mortgage brokers are trained professionals who are expert in Shopping around and finding best mortgage rate for you. If you have a mortgage broker in your side, he will communicate with Lenders on your behalf the approval and the whole process from submitting your Application till the Closing and will be your Guidance after as well.
As a first time home buyer, these four points are very essential and you need to consider them seriously.
If you have any questions or need consultation, contact me today to get the best advice and get started as a first time home buyer.
I provide services as Mortgage Broker in Barrie/Simcoe for more details visit: www.simcoemortgagebroker.ca
Happy home buying !