First Time Homebuyer?

First Time Homebuyer?

What you need to know!

If you are ready to step into homeownership by buying your first home, the easiest way to have a smooth and stress-free home buying experience is to do the following:

1. Find A Good Mortgage Broker
Ask for recommendations from friends and family. Check them out online to ensure they have great reviews from existing clients. You can always search Three Best Rated for Edmonton’s best-rated mortgage brokers.

2. Find a good Realtor
It is just as important to find a realtor who you can relate with, you will be spending a bit of time together so working with one who understands your needs and you feel a connection with really helps.

3. Don’t start house hunting until you have been properly preapproved.
A Proper preapproval should have you bring in proof of income and down payment. It is also important that verbal employment confirmation is completed as well, this way there are no surprises when you find the perfect house.

4. Purchase within your means
Buying a home that has you maxed out and has your house poor isn’t fun. You still want to be able to enjoy what life has to offer.

5. Don’t buy a money pit
Buying a home that requires a little tender loving care is ok however make sure you have the time and resources to complete the task. You do not want to be overwhelmed.

6. Know the area you wish to purchase in
You may have found the perfect home however it could have powerlines close by, an industrial area, etc. Spend time in the area you wish to purchase at different times of the day, so you get a better understanding of what it is really like.

7. Timing
Writing an offer on the perfect house brings a whole bunch of work really quickly. Working with a professional mortgage broker who has you prepared with all your documents upfront before you start viewing homes will be a lot less stressful. There come​ financing conditions, a home inspection, ​ and lawyer’s appointments.

8. Mortgage Insurance
Often most homebuyers decline to accept coverage for life and disability, however,​ what would happen to your family should you pass? Could they afford to make the payments on one income? How long could they survive doing this? What would happen if you were hurt at work? Everyone always thinks it’ll never happen to me but what if? Are you prepared?

Want to know where you stand, before you start your house search; contact Eva Neufeld, Edmonton Mortgage Broker for the sound solid advice you can count on. Contact via phone at (780) 244-0505 or by email at eva@mortgagetailors.com

2 thoughts on “First Time Homebuyer?

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