Buying your first home is a major step in every Canadians life. Owning property is usually the safest and most beneficial way to accumulate wealth and security. If you are considering purchasing a home for the first time, it is wise to enlist the services of professionals to help you on your way. The process of buying your first home can be a bad experience if you do not understand what to look out for. If you decide to go about purchasing your first home on your own, you may miss out on the small print and get overwhelmed with expenses.
The first place to start is with a professional mortgage agent. They have access to all the real estate pros you will need and can walk you through the entire process before you start to shop. An agent will assess your financial situation and determine what course of action is right for you. You will learn how much your monthly payments will cost, the importance of credit scores, and the costs of closing and carrying a home. With connections to banks, private lenders, trust companies, and credit unions, a mortgage agent will help you find the best rate and terms for your needs. Once you get pre-approved for a mortgage you will have a better understanding on what your price range is. You can then shop and make offers on homes with confidence. This is especially helpful if you are buying in a hot market, where there are multiple offers on a home.
Low mortgage rates are important in your future equity but they are not the only factor to consider. You will learn about the difference between fixed and variable rates and which is more ideal for your financial situation. You will also learn about prepayment options, the length of term, the flexibility of your mortgage and the added costs that come with purchasing a home.
The mortgage brokers at Home Loans Ontario are paid by the lenders not you, so their services cost you nothing! You can feel safe in enlisting their services to help you better understand the complicated process of purchasing your first home. Using a mortgage expert will save you from making first time buyer mistakes and educate you on what to look for and what to avoid. Don’t get caught up in misunderstandings – go to the professionals to help you purchase your first home and on your way to building equity without the headache, starting with a pre-approval of your first time buyer mortgage. Call (905) 336-8948 to speak with Lee Anne Taylor, a debt consolidation specialist. It costs you nothing – but could save you thousands in interest!