If you are ready to buy your first home in Oakville – or any of the surrounding communities, then your first step should be to talk to a mortgage expert. While banks provide mortgages, their loan officers only sell their own products and you have to meet their stringent requirements. Mortgage brokers, on the other hand, work for you – to find you the lowest mortgage rates and best products for your needs. They deal with banks as well as trust companies, finance companies, credit unions, private lenders and more. (There is no fee for this service – they get a commission once you choose your lender.)
Your mortgage broker will sit down with you and go through your financials: your income, your credit score, your current debts, risk aversion, etc. Based on this, they can help you find a comfortable monthly budget that will not only cover your mortgage, but the associated costs of home ownership. Your mortgage broker will also help you determine how much of a down payment you need. Mortgage rules have been getting tighter and 5% down no longer advisable. 10% down is preferable – but if you can put 20% or more down, you will not need to purchase mortgage insurance.
First Time Buyers Mortgage Oakville
While getting a great interest rate is important, the terms, points, fees, variable versus fixed rates, portability, and other factors must also be taken into account to find the best mortgage for your needs. An experienced mortgage expert, like Marcelle Tiqui – head mortgage agent of First Class Mortgages and Oakville resident – works closely with her clients to make sure they understand all of their options. She also has a network of real estate agents, lawyers, home inspectors, etc. to help you when you purchase your first home. Marcelle will also help you understand the additional costs involved when buying a home: closing costs, lawyer fees, land transfer tax, moving expenses, etc.
When you start the home buying process with a mortgage agent, you can establish your budget and get pre-approved for a mortgage loan. This way, you can shop with confidence; eliminate homes that are not in your price range and act quick when your dream house comes on the market.
If you are a first time home buyer in Oakville, call Marcelle at First Class Mortgages today at (905) 208-7070 for a free consultation.
