Easy steps to owning a home!
April 9, 2018 | Posted by: Holly Cochrane
The journey to buying a home can often feel intimidating and scary. In reality though, it comes down to a few simple steps!
Managing your credit and spending properly is key.
The goal is to keep your credit spending to a minimum and don’t make any unwise or unnecessary purchases. If you are carrying balances on your credit cards remember that you need to make more than the minimum monthly payment and always make the payments on time. Also, once you have been pre-approved for a mortgage don’t go out and obtain more credit. As this might affect your mortgage approval and ultimately the chances of you purchasing your dream home!
Save for and gather a down payment.
When you consider all the sources that you may have to gather your down payment you will realize that it isn’t as daunting as you first thought. The down payment might be a combination of things such as personal savings, RRSP’s and gifted funds from family. It is important to know that the bank or lender who is granting you the mortgage to purchase your new home will require 90 days of recourse and proof of the funds being in your bank account. You will also need to display that you have a minimum of 1.5% of the mortgage amount for your closing costs.
Determine how much you can afford and get pre-approved.
Before you start shopping for a new home it is important to meet with a mortgage broker and complete a mortgage application. This will determine how much you would be approved for and then let’s you know what price range you can be shopping in for your home.
Figure out and complete a list of what you want.
Think of what you are looking for in a home and what features are important to you. Also determine what kind of neighborhood you want to be in and what amenities does it need to have. Ask us for a referral to a Realtor! They can assist you with this task.
When you are shopping try and stick to your list.
With the assistance of a real estate professional you can start shopping and seeing homes. Try to have fun and enjoy the viewing of the properties. Having your list ready and working with the real estate professional will guarantee that you end up selecting the right home for you!
When buying a home, you need to use both your head and your heart. Trying to keep things simple is the key!
We are here to help you through the process and to provide you the best information!