Mortgages for First Time Home Buyers

Looking for your first home?

Buying a Spruce Grove home is an exciting time! You're about to take a big step so you'll definitely need some advice from a Spruce Grove mortgage broker. We'll give you the facts your bank won't tell you about financing your next purchase. With access to multiple lenders, we'll help you find the best rates and best mortgage options to help you buy your dream home. Our best advice? Begin with a conversation with a mortgage professional in your area.

Need a pre-approval before you go househunting?

Find out how much you can afford before you go househunting! This will keep you focused on shopping for homes within your price range. If you qualify for a preapproved mortgage, you'll be certain of the size of mortgage for which you qualify and guaranteed a rate for a specific period of time. If you don't qualify for a pre-approved mortgage, we will be able to help you estimate a mortgage-qualifying amount.


First Time Home Buyer's Guide: Before You Start Looking

Buying a home isn’t something you would do every year. Most people buy only one home in their lifetime and everyone is a first time homebuyer at some point in time. Finding an ideal home is challenging enough and when you consider the financial aspects and other technicalities, the overall task can become quite daunting.

Here is a first time home buyer’s guide that would prepare you before you start looking.

First, determine what type of Spruce Grove home you would look for. Make a list of the things you need. You may want a single family home that has a conventional layout, acreage and basic amenities. You may want a condo, a townhouse or multifamily building. How many people you have in your family, whether you have elderly family members and how many kids you have, how many rooms you need and what kind of amenities you wish for would determine the exact type of home you should be looking for. You should weigh the pros and cons of all kinds of properties before you decide the ideal one for you and your family.

You should also decide if you want to buy a new property, a pre-owned or resale property or you would go in for a fixer-upper home. Each has its advantages. New properties will not need you to do much apart from furnishing the home with your fixtures. Resale properties may need some upgrades but they would be a reasonable investment so many first time homebuyers opt for pre-owned homes. Fixer upper homes are extremely affordable. They are sold at cheap prices but you would have to make substantial investments to make it livable and worthwhile. Do the math to decide what suits you best.

You can then look at locations of your choice around the Spruce Grove area, any amenities or appliances that you need preinstalled in the property and you have to decide the budget.

Once you have decided on the basics of your home, you have to determine your affordability or eligibility for mortgage. You should contact holly, your Spruce Grove mortgage broker and get pre approved. It is better to get pre approved because then you would know how much of a Spruce Grove mortgage you can get considering your income, liabilities, assets and credit score. If you are happy with the mortgage preapproval then you can pick a home of your choice and get the mortgage approved immediately. If you want to get more than what you have been pre approved for then you can increase the down payment, improve your credit score and reduce your financial liabilities to reapply for preapproval and get reviewed. Getting mortgage pre approval is quite imperative today as that would allow you to save time, avert complications and uncertainties. More importantly, you would know that when you find the right property, you can immediately buy it.

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