First Time Home Buyer Mortgage

Posted by on October 5, 2011

If you are ready to take the plunge and buy your first home, it can be very exciting.  It can also be very intimidating as buying a home is the biggest purchase you will probably ever make.   If you are a first time home buyer, these tips can save you a lot of aggravation, time  and money.

The first place to start is not with the real estate ad sections.  The first person you should speak with is a qualified mortgage professional, like Lee Anne Taylor of Dominion Lending and chief mortgage agent for Home Loans Ontario. 

“The key is to find out what you can comfortably afford.  I work with my clients to understand their needs, their current financial situation and risk tolerance.  Then I shop their loan over lenders all across Canada to find the best rates and terms.   Often banks won’t deal with first time buyers unless they have high, stable income or big down payments.  But we also deal with finance companies, credit unions, private lenders and more – so we can find lenders for hard to place mortages.“

“I help them understand the additional costs involved with closing a home, like land transfer tax, lawyer fees and more.  We also look at their current debt load and how much they can comfortably afford to pay per month, and what other costs are involved with home ownership.”

By getting a pre-approved mortgage, you will have more bargaining power when it comes to dealing with a seller because you will be taken more seriously and may have the advantage in a multiple bid situation.    You will also know how much you can afford to spend on a home and what price range you should be looking in.  That way, you won’t waste time or be disappointed finding a house you can’t afford.

A great mortgage agent can also provide you with referrals for quality professionals in the industry, including realtors, movers, lawyers, decorators, home improvement people and more.  Best of all, it doesn’t cost you anything to use the services of a mortgage broker.  They get paid by the lender you choose. 

If you are looking for a first time buyer’s mortgage in Burlington, Oakville,  Mississauga or Southern Ontario, you can reach Lee Anne for a free consultation at (905) 336-8948.  

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