Five Tips To Navigate Through Your First Home Purchase
Before buying a home, you need to factor in various requirements and their costs. Today’s first-time homebuyer is in a tight position because existing debt and mortgages force them to spread themselves thin. As a result, many families are forced to postpone their homeownership dreams.
While the housing market appears punishing (financially), it is vital to note that preparing yourself can change the game for you completely. With proper research and the correct knowledge, you can eliminate unnecessary expenses, save money, and even reduce your debt burdens.
To help you prepare yourself correctly, Steve Hayward, an experienced mortgage agent, has listed these five tips to help you navigate through your first home purchase.
Tip #1: Get a proper mortgage pre-approval.
A mortgage pre-approval includes a full review of your income, down payment, and credit check. Brokers tend to review this information in greater detail which helps prevent surprises when it is time to close.
Tip #2: Download a mortgage calculator app.
With this app, review the monthly mortgage payments on a possible purchase, you would like to make. Now, will these payments suite your lifestyle? There’s no sense in buying your dream home and finding out your monthly payments will destroy the rest of your dreams.
Tip #3: Inquire how much the property taxes are.
Some areas can be more expensive then others. Add these tax amounts into your monthly expenses to see if you will be forced to struggle.
Tip #4: Check if the home is energy efficient.
Ask the seller to supply the previous years’ plus present heating bills and compare these. Is the house you are looking at an energy bandit? If it is, what can be done to reduce the energy consumed or the bills you will need to pay?
Tip #5: Find out the cost of upgrading.
Many houses can use or will require some upgrading. You need to know how much these upgrades cost, and if you can roll them into your mortgage. Speak with your home inspector to see what kind of updates you need to make and how much they will cost, then speak with your broker about financing them
Financing your new home can be stressful, but if you follow these tips, you should be able to navigate through your first home purchase effortlessly. To make sure you have the right financing for your needs with the most competitive rates, reach out to mortgage agent Steve Hayward at Dominion Lending Centres. As a fully dedicated mortgage agent in Hamilton, Ontario, I ensure you receive the ideal mortgage solution for any situation you may be in.
If you have any questions about how I can help you, I would be happy to answer them. Please click here to get in touch with me.