Purchasing a home is an exciting opportunity to lay down some roots and start building equity for yourself and your family. As wonderful as the benefits are, many new home buyers get overwhelmed by the process. Undue stress and anxiety can lead to costly mistakes and even buyers regret. When it comes to making informed choices, knowledge truly is power. In this week’s article, we are going to share some tips straight from the experts to help get you started.
Before you even start looking at homes, there are a few things you should do first. Right off the bat, you want to ask yourself: how much can you afford? When you’re figuring that out, you will want to begin by calculating your personal finances. Narrow down how much is coming and going. Then you’ll need to take a look at how much you can save up for a downpayment without cutting yourself too short, accounting for upfront expenses and closing costs. Finally, build a budget that reflects a lifetime of homeownership. You don’t want to sink all of your hard earned money into your home. To prepare, write out a few different budgets that may be realistic in the long run.
Now that you know what you have to bring to the game, get pre-approved to find out what potential lenders have on offer. The pre-approval process is an in-depth look at your financial situation so lenders can determine what rates to offer you on a mortgage. Remember to read the terms and conditions of each offer and don’t be afraid to shop around!
You know how much you can spend and how much lenders are willing to lend, now it’s time to build your team. Most people know that they will need a real estate agent, but there are a few other people you want on your side. Shop around for a home inspector and an attorney. Enlisting trusted help now will help you save time and stress near closing. Most importantly, call on an experienced mortgage broker. Unlike real estate agents, inspectors, and attorneys, you don’t pay a mortgage broker. Financially, you have nothing to lose and everything to gain by working with a broker.
Now comes the fun part. Once you know what and who you’re working with, you can start looking at homes that fall within your budget. You will have the knowledge and team to help you through the entire process.
Sure, the journey can seem stressful at times, but by following these simple steps you can sidestep the unnecessary hassles and get straight to achieving your homeownership goals. Need a mortgage broker? Source Mortgage serves Red Deer and surrounding areas. Call us today to discover the Source Mortgage difference for yourself!
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
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