Posted: 1 Sep

How to Avoid Being Overwhelmed by Your First-Time Home Buyer Mortgage

How to Avoid Being Overwhelmed by Your First-Time Home Buyer Mortgage

Handling a first-time home buyer mortgage is challenging for most home buyers. The lengthy paperwork, financial terms, and math quickly get to your head and become confusing. Arming yourself with adequate knowledge makes it easier to understand the first-time home buyer process. If you think you’re ready to apply for a first-time home buyer mortgage in the Edmonton area, call our mortgage broker for expert advise or read on to learn more.

Prequalification 

Before getting your first-time home buyer mortgage, you will need to go through a prequalification process. Mortgage brokers check your creditworthiness, income, debts, and assets to calculate how much you will be approved for.  

Pre-Approval 

Pre-approval confirms the first-time home buyer mortgage you qualify for. Your mortgage broker reviews your application and evaluates your finances including your credit. If you pre-qualify for a first-time home buyer loan, at this stage, your broker will obtain a mortgage rate-hold for you protecting current rates while you are shopping for your home.

Representation 

You may be far out of your element when handling your first-time home buyer mortgage. It will help if you have assistance from professionals that can ease the burden and make it easier for you to navigate the home buying process. 

Consider partnering with a mortgage broker to be sure you are presented with first-time home buyer mortgage options. Brokers have access to several lenders and can negotiate a suitable plan on your behalf. Also, brokers can help you break down the paperwork needed for your pre-approval. 

Planning: Needs Vs. Wants 

Having a vision for your home makes it easier for you to find an ideal home that meets your needs and wants. Create two separate lists indicating your needs and wants for your first home. The needs list includes all the requirements the house must have depending on your needs—for example, the size, kitchen, utilities, and the number of bedrooms. 

The wants list indicates items that you would like but can live without, such as a den, pool, a large yard, and a community centre. Once you have your first-time home buyer mortgage, you can then find a home that ticks off items on your list but stays within your financial bracket. 

Be Thorough

 
You can never be too careful when planning for your first-time home buyer mortgage. Every coin counts, and it should be a goal to maximize everything you spend. Have a professional home inspector check the property.

Get Professional Support with Your First-Time Home Buyer Mortgage 

Buying your first home can certainly be overwhelming, but you don’t have to go through it alone. Talking to a mortgage broker ensures that you find an affordable mortgage and find a suitable home in the Edmonton area. Reach out to Dominion Lending Centres for assistance today.


Request Mortgage Info