It is really a tough job being a first time home purchaser in this competitive housing market. To become a homeowner, you must take some important steps like finding a good Independent mortgage agent, suitable location for your home and your purchasing capability.
Centum mortgage express ltd helps you to find the best mortgage broker near me who by their continuous endeavor guide their clients through the complex process of home buying.
If you are a first time home buyer, we ensure that you do not require paying any extra amount from your pocket than is required or the centum mortgage rates for your purchase suit your financial position.
Buying a home for the first time in Canada can be an expensive process. There are some common mistakes that first time buyers often make which might convert your home shopping from exciting to an extravagant process if not planned adequately.
Common Mistakes When Buying a Property in Canada
- Failing to Consider Additional Expenses: Just because you can afford the mortgage payments, it does not imply you can afford to become a homeowner. First time buyers often fail to understand that shopping for home mortgages is not linked with their affordability to make house payments. There are additional costs like Property insurance, taxes, maintenance costs and others that first-time homebuyers are responsible for, after becoming homeowners.
- Failing to get pre-approved for your mortgage: Securing pre-approved for your mortgaged property gives you an understanding of how much you are able to spend and make payments for your new home. Home searching process starts with mortgage pre approval. Getting a mortgage pre-qualification enhances the likelihood of getting a mortgage loan from a lender. Shopping and searching around with brokers for a home purchase without prior getting preapproved for your mortgage is equivalent to going to a shopping mall without your wallet.
- Not hiring an Independent mortgage broker/lender: Buying a home for you is not an easy task to undertake, considering the competitive housing markets and where mortgage prices are continuously on an increase. If you are a first-time buyer, it is recommended a financial advisor who will provide professional advice to get the best centum mortgage rates to fit your budget.
- Using all your savings in down payment: it is better that you first analyze your income and asset status before venturing into home buying process. Exhausting all your earned savings on payment of down payment of your new house is not at all a wise thing to do. Spending most of the savings on down payments and hidden closing costs is one of the major mistakes of first time buyers.
- Getting a new finance before closing of the loan: In case of a first time home-buyer, it is a common mindset to finance another purchase immediately after getting pre-approved for your mortgage. Pre-approval for loan is granted only after studying your financial position and history and any new purchase transaction in the credit report can impact the loan mortgage and delay the deal.
Having a home in your ownership is indeed an overwhelming achievement. It involves a huge long-term financial investment on the part of a buyer. If the home hunting process goes wrong, a home purchase can end in enough financial regrets and disappointments that may keep daunting you for life.