The Players and Budget
A notary, lender, mortgage broker, home inspector, and a realtor are some of the people involved in this process. However, you should find out how much money you can afford so that your goals can be reached. Know up front how much you will spend on interest rates, down payment, debt and other expenses. Go shopping for a home after finding out how much you can afford. After comparing lender’s different rates, get a pre-approved loan.

The Mortgage
A mortgage is an essential part of buying a house, and this is especially true if you do not have all the money required. Go shopping for the best mortgage with your broker to compare rates and fees from different lenders.

Avoid Common Mistakes

• Asking just a few questions
  Rookie buyers ask too few questions, and they miss out on awesome deals down the road.
• Slow decision process.
  A home buyer must make up his mind about the money to pay for a particular property, so avoid this mistake at all cost.
• They do not think much about resale.
  Think about the resale value of the house, most first-time homeowners think this is the house they will live in for a long time. That is not always the case.

Consulting a mortgage broker is one of the best decisions you can make when you start looking for a property. A mortgage broker will:

• Calculate the maximum amount you can dedicate to the purchase of a property.
• Determine (approximately) what monthly fees you will incur (mortgage, taxes, electricity, etc.)
• Give you a list of the different fees that come with the purchase of a property (inspection, CMHC insurance, transfer tax, etc.)
• Explain how the Home Buyer’s Plan (HBP) and the First Home Savings Account (FHSA) works and tell you about the other programs for which you may be eligible (tax credit)
• Consult with you to see what your options are to find the money for your down payment.
• Request a copy of your credit report and look it over with you to give you valuable information on how credit works and the famous “credit score.”
• And, of course, as a mortgage specialist, your broker will help you find the right lender and the right mortgage product for you.

We are the experts, so call us today to take that first step toward the purchase of your very first home!