How To Avoid The First Time Home Buyer Loan Blues

The prospect of finally owning a home is both exhilarating and scary. Largely, you do not know what to expect, what to avoid or even applicable regulations. In this flurry of emotions, it is easy to innocently commit mistakes that may cost you dearly in the future. Talking to a mortgage broker is a great start. Here is what you need to know before embarking on this journey of getting a first time home buyer loan.

Get prequalified for a mortgage - First Time Home Buyer Loans

If you are considering getting a mortgage, getting pre-qualified will help make the process smoother. Contact a Dominion Lending Centre mortgage broker and start the pre-qualification process as early as possible in the journey.

Avoid Over-Stretching Your Budget

A good home is not a consolation prize if you cannot afford to keep the lights on. Therefore, when running your numbers, determine your actual and immovable limits and only explore options within that range. Your mortgage broker can help you understand the payment on your First Time Home Buyer Loan that is associated with houses in different price ranges.

Budget for Hidden Costs

The price on a property is just the tip of the iceberg. There are many other additional costs such as legal fees, moving costs, insurance, property taxes, and utilities. Make sure you are aware of all the costs applicable to home ownership and budget for them appropriately.

Get a Property Inspection by a Licensed Inspector

After a long search, you have found a house that meets your criteria and at a good price. But wait, before you move in, have the building fully inspected. This potentially could save you a lot of money in repairs as you will be made aware of the quality of your new home.

Partner with a Mortgage Broker

Have an expert guide you through the process of getting a first time home buyer loan– you will need them. There are individuals and institutions which specialize in making the home ownership process as smooth as possible and they will save you time and money.

At Dominion Lending Centers, we pride ourselves with providing unmatched personalized financial services to home buyers across Canada. We will guide you through the pre-qualification process and help you obtain your First Time Home Buyer Loan. Contact us today to get started.

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