5 Tips for First Time Homebuyers
Buying your first house is an exciting and often overwhelming experience. This financial investment is serious, and you want to make sure you are well prepared. Here are 5 tips for first-time homebuyers.
1. Get Pre-Approved
A pre-approval is an important first step in the home buying process. Getting a pre-approval will let you know how much you qualify for and what price range you should look for houses in. This will also allow you to have a guaranteed interest rate for up to 120 days, so you don’t have to worry about interest rates rising before you find the right place. With a pre-approval, you can feel confident that you will be approved to get the house you want.
2. Get to Know Mortgage Terms
During the home buying process, you will be introduced to new terms that you may have never heard of before like variable and fixed-rate mortgages, amortization period, and other terms. When it comes to your finances, you want to make sure you understand what your broker is talking about. Check out the glossary to get to know the most common mortgage terms.
3. Assemble Your Team
As a first-time homebuyer, you may have no idea where to start. Building a team of trusted real estate professionals will make the process simple. Having the right people around you will ensure you are well taken care of every step of the way. Contact CDN Mortgages first, and I can recommend great realtors, real estate lawyers, and home inspectors.
4. Always get a Home Inspection
Having a qualified inspector complete a thorough home inspection before you buy is always recommended. They will assess the major systems of the house you are looking at and give you an idea of what you are investing in. The home inspection will make you aware of any serious issues with the house and is also important in making renovation decisions.
5. Don’t Forget the Closing Costs
There are always costs associated with closing the deal. You will need to have extra funds set aside to pay the real estate lawyer, the home inspector, and any other additional costs. Don’t worry, your mortgage broker will let you know approximately how much you will need ahead of time to make sure you have enough funds set aside.
Your first time buying a house may seem like an overwhelming process, but it is also fun and rewarding. With the right team, you will be guided through the process from start to finish and won’t have to stress. Keep these 5 tips handy and when you are ready to buy your first home contact CDN Mortgages!
– Duane Springsteel