5 Tips For Aspiring First Time Home Buyer

What A First Time Home Buyer Needs To Know Before Getting A Mortgage

(416)825-0142 | faizal.garasia@dominionlending.ca

 

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1 – Manage Your Credit Wisely.

Keep your credit spending to a minimum at all times, make every payment on time and most of all pay more than the minimum payment. 

2- Assemble A Down Payment.

As a first time home buyer, you need to consider all the sources for down payment funds. Don’t forget that you’ll need to demonstrate that you’ve had the funds on deposit for up to 90 days and also that you have an additional one and a half percent of the mortgage amount for closing costs.

3- Figure Out How Much You Can Afford.

It’s at this point that most people usually stop and scratch their heads. If you talk to a Dominion Lending Centres mortgage specialist ( like me! ) though, they can help you figure it out and even go as far as getting you a “pre-approval” from a financial institution.

4- Figure Out What You Want.

You’ll want to make a list of things your new home has to have and what the neighbourhood has to have. Things you want to think about are the things that are important to you as a first time home buyer.

5- Look with your head, buy with your heart.

The final step is, with the help of a realtor, look at properties that meet your requirements. The decision which home to buy is a tricky thing, it should be made with your head and heart. Deciding, while balancing what you think and feel, really is rocket science.

If you are confident you followed all 5 steps, then the next step is getting a mortgage. We can help you throughout your home buying experience from the start till the keys are in your hands.

Don't forget to contact us so we can start your application in 5 minutes!