BUYING YOUR FIRST HOME

If you are a first-time home buyer, getting professional mortgage advice is a great place to start. I specialize in the kind of education that can help get new home buyers off to a great start! Although mortgage debt is ‘smart’ debt, buying your first home is a huge financial decision and there is a lot to think about. It’s one of the most important financial decisions that most Canadians will make in their lifetime. This means you need to make sure you are getting the right 

Although mortgage debt is ‘smart’ debt, buying your first home is a huge financial decision and there is a lot to think about. It’s one of the most important financial decisions that most Canadians will make in their lifetime. This means you need to make sure you are getting the right first time home buyers advice for your needs.

You want to take advantage of today’s low rate environment but it can be overwhelming to sort through all of the options out there. As your Mortgage Consultant, I will help get you the right combination of mortgage features, privileges and rate that is best matched to your needs. The right mortgage goes beyond just the rate – it’s important to also consider the term, prepayment options, refinancing penalties, restrictions, and fees. It’s also important to know why these are just as important as rate!

Determine what you can afford.

Before you start shopping for a home – and long before you consider putting an offer on one – let me help you determine how much you can comfortably afford. With today’s low rates, it is likely that you can qualify for much more than you think!

Having a realistic budget to start will bring you confidence, knowing that you are not overextending yourself. Remember that home ownership involves costs beyond the monthly mortgage payment such as property taxes, strata fees, utilities, and insurance.

Downpayment is also one of the important considerations in determining affordability. If you’re in the “saving up” stage of preparing for home ownership, this is a great time to meet so we can discuss a plan for how much you need to save to enter the market. With prices rising so fast, it may make more sense to buy with what you have now rather than waiting to save. 
 
There are a few options to consider for first-time homebuyers who may have smaller amounts to start:
    1. The Home Buyers’ Plan (HBP) – first-time homebuyers can withdraw individually $25,000 or $50,000 with a spouse tax-free from their RRSPs, provided they adhere to the repayment plan.
    2. Gifted down payment from an immediate family member – can be a source of funds as long as the homebuyer receives in writing that they are not required to pay the money back at any time.
    3. Start off small – the dream house may be priced too high, so a starter home might be the right option for a first-time homebuyer. A smaller home or maybe a house just outside of the expensive area will help get a foot in the door. The homebuyer can take advantage of the low-interest rates to pay off the home quicker and use the equity from the first home to buy the dream home later.

Build a team of professionals.

I’d be happy to help you build a strong away team so that all aspects of your home buying experience are efficient and professional. Your team will include a Realtor, Lawyer, and a Home Inspector.

Plan for closing costs.

There are additional costs that come with buying a home so you’ll need to have some extra funds set aside to cover these costs. Generally, you can expect to pay between 1.5% and 4% of the home’s selling price in total closing costs. I can outline all of your closing costs so you won’t be caught by surprise.

I will also provide strategies to help you pay your mortgage off faster and shave thousands off interest costs over the term of your mortgage. 

There’s so much to consider.The first step is to contact me today so you can get into the market and start your wealth building with smart debt! I’ll help you get off on the right foot in your home buying journey.

Be sure to talk to me about getting pre-approved, so you’ll get your interest rate guaranteed for a set period, typically 90 to 120 days.

LOOKING TO TAKE THE STEP INTO BECOMING A HOME OWNER?

Ensure that beofe making such a huge financial decision you have all the information available to you. Get in touch or fill out an application today and lets dicsuss your options!

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