Posted: 15 Feb '17

5 Things To Remember As A First Time Home Buyer

Buying your first home is an exciting time but it can also feel overwhelming and, at times, stressful. To make things easier and ensure that you can enjoy more of the process, we've put together five things you need to remember about first time home buyer loans.

1. Consult with a Mortgage Broker

Before shopping for your first home, speak to your professional mortgage brokers at Dominion Lending Centres in Edmonton. We'll determine your price range and assist you in finding the best rates and terms on a first-time home buyer loan. With your pre-qualification, you'll have an idea of the price range you need to stick within. Once you are pre-qualified, it’s important to know that signing up for a new credit card — or incurring any other type of debt— can put your new home loan in jeopardy.

2. Have a Budget and Stick to It!

It’s important to work out a realistic budget that includes your potential mortgage, property taxes, insurance, and home maintenance costs. In addition, you also must account for your current expenditures, such as credit payments, vehicle costs, recreation, and variable expenses such as food and utility costs. A lack of proper budgeting can cause an incredible amount of stress, especially if something happens early in your new home ownership and you’re tasked with coming up with a significant amount of money for a repair or any other unexpected occurrence.

3. Find a Realtor You Can Trust

First time home buyer loans are important - you're investing in your future and the last thing you need is a realtor who only has their commission in mind. You can ask people you respect for suggestions on whom you should consult. If not, consult realtors with exemplary client reviews and meet with a few different agents until you find one you feel comfortable with. As experts in the industry, your mortgage broker will have professional realtors that they can refer you to, saving you some time and stress.

4. Don't Forget About Conditions

You may be extremely excited when you find the perfect house, but it is important to protect yourself through adding conditions on the offer for home inspection and mortgage financing. Indeed, if an inspector finds significant issues with the home, you can back out of the offer without penalty or change the offer accordingly. Pending financing is a safeguard should you fail to secure first time home buyer loans at final approval. Professional realtors will make sure you are aware of these conditions when helping you make the offer.

5. Make Sure You're Prepared for Closing Day

Before you get the keys to your new home, you need to see your lawyer. It is important that you let your Mortgage Broker with Dominion Lending Centres know who your lawyer is early in the process, such as when you make the offer. When you go to meet with your lawyer, you will need to bring proof of home insurance, the remainder of your downpayment funds, ID and a few other items. Again, your expert with Dominion Lending Centres can refer you to a professional law firm. Once you have signed with your lawyer, the lawyer will finalize everything. Then on closing day, you get the keys to your new home!

First time home buyer loans are made easy when you work with our experience mortgage brokers at Dominion Lending Centres! Contact us today to speak with one of our experts so you can purchase your first home.

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