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FIRST-TIME HOME BUYING 101

How to Be Empowered, Shrewd and Effective By Gathering the Knowledge That You Need To Get the Right Home With the Right Mortgage

 

Do you own anything more valuable than a house? Your home is one of the most substantial, life changing assets you can own throughout your life. This is one purchase the deserves some well-studied and well-thought out attention before any options are even considered seriously.

 

Start with Your Situation.

The first thing to know is how you stand financially. If you know what you can afford then you have a range that you can fix to your property and mortgage shopping. This is a fundamental first step in exploring and entering the home buyer’s market for a very obvious reason: you’re wasting your time and everyone else’s if you don’t know what you can afford. A credit report will give you the low-down on your financial circumstances. These can be acquired for free once from each of the major credit bureaus – TransUnion, Equifax, and Experian. If your standing is good you may be interest in getting pre-approved financing from a reputed lender; this will show any property seller that you are taking your offer seriously and are ready immediately to substantiate your offer.

 

 

Check In With the Market.

Secondly, you need to know the real estate market. Study your area, observe renting prices, home prices, mortgage rates. Check the general financial forecast to see where real estate markets are likely heading and what the conditions are like today. Currently, GTA based market forecasters seem unanimous in their prediction of interest rate hikes within the next few years.

 

Be Savvy. Examine the Details.

Be very astute with the financing choices attached to your mortgage. Simply having low interest is not necessarily going to work to your benefit. You’ll need to ensure that your mortgage is secure and will maintain the great rates throughout its duration. In short, make sure you’re getting the deal you think you are; you can do that by learning to expect the unexpected and then making sure that the unexpected isn’t able to cause any significant financial leaks in your mortgage. To do this you’ll need to explore each aspect of your financing contract and come to understand how it will bear out in the long-term as well as under adverse or unexpected conditions. This can be highly complex.

 

A Broker Can Make Things Much Simpler.

Hiring a broker is a very highly recommended practice for anyone who is new to the home buyer’s market. If you choose to go with a broker, they will take care of the credit check for you, so no need to worry about the specifics of that. A broker will also be able to guide you with ease through the home buying process, something that otherwise is too often riddled with ambiguous realtor lingo, complicated contracts and ambiguous financing deals. A broker is trained and experienced to not only get you through these complex arrangements, but they have access to vast networks of well-acquainted realtors and lenders and are able to personally suit your financial scenario and your real estate interests to the right people.

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