First Time Home Buyers
Whether you’re a Canadian citizen or New to Canada awaiting permanent residency status, home ownership is just around the corner. The pride of home ownership should be more than just a long-term goal, if it’s okay with you I’d like to make it a reality. How does that sound?
If you’re like most first time home buyers, you’re probably saying to yourself, what’s the first step? For those who chose to go it alone and be a professional in the mortgage financing field I say, I wish you the best of luck! For all others like you, I will eliminate the confusion and the overwhelming feeling that can come with the purchase of your first home. For most, it’s the single largest investment you’ll ever make. Having a trust professional on your side just makes sense!
It is best to schedule a telephone appointment so we can discuss the entire mortgage financing process from start to finish.
Step One (Determine the down payment and its source)
We must also assess where the down payment monies are coming from and how much do you wish to put down. Do you have 5%, 10%, 20%, etc… down? Are the monies in a savings account or in an investment of sorts? Perhaps you wish to have access to your RRSP for the down payment through the Canadian Governments Home Buyer Plan (HBP). Maybe you have a generous blood relative willing to gift you the down payment or perhaps you can borrow the down payment from a Line of Credit (LOC) or other sources. Whatever your method, the minimum down payment required is 5%.
Step two (Pre-approval)
If you have already approached a realtor to begin the home purchase process, you may have been told to get pre-approved. This is because your time is valuable. To have you spend hours upon hours searching for a home without knowing if you qualify, wouldn’t be doing you any favors. We will walk you through the pre-approval process, assess your unique situation, and obtain a pre-approval on your behalf. A pre-approval is by no means a guarantee, but rather the lenders blessing provide all the information and documentation provided is true and correct. This pre-approval also acts as a rate hold to protect you for future interest rate increases. Keep in mind, all pre-approvals have expiry dates.
To secure a pre-approval on your behalf, we need 15 minutes via telephone appointment to start the application process. This typically consists of a quick 20 questions and a brief analysis of your current financial position and future goals. Where do you want to be in six months, one year, two years etc…
Step three (Home Search)
Now that you are armed with more information about what you can qualify for and the respective monthly payments at the various price points, you can begin your home search.
Anyway, give me a call to get started today, 403.242.5547.
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