According to a recent RBC Royal Bank poll, over 1/3 of home buyers in Canada are first time home buyers. In fact according to the potential home buyers surveyed, about 40% of them will be signing for the mortgage the very first time.
Many of these home buyers think mortgage rates will continue to stay near record lows for the next year or two. As long as rates stay low, real estate seems to be a good buying opportunity.
A first time home buyer does need to jump through a few hoops including the mortgage application and shopping around for the best lenders and best rates. It is a good idea to enlist the services of a mortgage broker in Oakville or Burlington so that the buyer is assured of the best rate and terms. Often, first time buyers will have special circumstances too such as being self-employed, new to Canada or even have bruised credit. This is especially a good time to speak with your local mortgage agent or broker since they can help find the right lender for your situation.
Mortgage brokers typically do not charge a fee to the borrower, so it is really a free service that can save you money over the bank’s posted rates.
The poll was conducted online by Ipsos Reid (Jan. 31 – Feb. 8). Read more about the polling here.
Are you a first time home buyer in need a local mortgage broker ? Contact the Mortgage Medics team with reps in Oakville, Burlington, Hamilton, Mississauga and the GTA.