Getting a Mortgage For First Time Home Buyers
Purchasing your home is exciting and incredibly rewarding. While mortgages can be frightening, it’s important to remember that you’re entering a big investment. While it’s true that we may not dream of the perfect mortgage, most people do dream about purchasing their very first home. We grow up seeing pictures with the white picket fence in front of the beautiful house and wonder if one day we will have something like this.
Regardless of whether you’re buying an apartment, townhouse, rancher or two-story family house, there is nothing quite like your first home. Not only is it an amazing accomplishment and a great sense of freedom and security, but buying your first home is also a great step into the real estate market and can provide you equity and a leg-up towards future expansion.
Are you ready to own a home?
Before you jump on in to get a mortgage for first time home buyers, it is important to ask yourself these questions. The answers will help you make sure that you’re financially and emotionally capable of making such a big purchase!
- Are you financially stable?
- Do you have the financial management skills and discipline to handle this large of a purchase?
- Are you ready to devote the time to regular home maintenance?
- Are you aware of all the costs and responsibilities that come with being a homeowner? Let’s find out!
Buying your first home
If you’ve decided to take the plunge, there are a lot of things one needs to do before pulling the trigger. The most important thing you need to consider is your down payment which will be discussed in greater detail later in this book. Fortunately, there are all kinds of calculators and tools available and one good place to start is Concept One Financial Group – team of mortgage professionals work for buyers– not the lenders – to ensure buyers receive the best rates and products available in today’s marketplace.
Regardless of whether you choose a mortgage broker or traditional bank, the first step begins with your down payment.
Securing your down payment
If you’re a first time home buyer, securing your down payment may be the most challenging part of the process. While down payments are typically 20%, they can be higher depending on the type and value of your property. Concept One Financial Group is here to help you figure out how much you will need to save for your down payment! Our professionals will help you to figure out an estimate of how much you will need to put down and how much you can afford.
The first step to realizing the dream of owning your first home is pre-qualification. This process provides you with an estimate of how much you can afford based on your own report of your financial situation. The benefit of this is that it sets the baseline for a realistic price range and allows you to start looking for that perfect home within your means!
Pre-Approval can help determine:
- The maximum amount you can afford to spend
- The monthly mortgage payment associated with your purchase price range
- The mortgage rate for your first term
You’re almost there! Financial approval is the last step to getting your mortgage and buying your first home! Make sure you keep in mind that just because you are pre-approved, it doesn’t guarantee that the final mortgage application is approved. You need to be entirely candid about your financial situation with your home-buying team throughout the process; being completely upfront with any details could help prevent serious problems later on with an appraisal or inspection. It is best to also refrain from making big purchases while trying to make a purchase under these circumstances, such as a new car or house repairs. By waiting until after closing and you have the keys to your new home!
Phew! You made it. Closing day is one of the most exciting moments in home buying (well next to setting a wedding date or choosing your curtains!). On this day, all the hard work and energy that went into house hunting and all the paperwork really pays off!
Work with Mortgage Broker For More Options
Powered by Dominion Lending Centres, Concept One Financial Group is a team of mortgage professionals work for our customers – not the lenders – to ensure our customers receive the best rates and products available in today’s marketplace. Whether they are looking to purchase their very first homes or upgrade to a new home, mortgage renewal, refinance for equity take out, purchase investment properties.
Our lending solutions are catered for the conventional, self-employed, new immigrant, and non-resident; residential and commercial mortgages; Insurable and uninsured. As is customary in the field of Canadian mortgages, we deal with big banks, smaller lending institutions and private lenders. Each client’s financial needs differ, which is why we work with a variety of lenders.