Although there’s a lot of excitement that comes with buying a home for the first time, there are also unknowns and risks. Having a good team on your side can save you a lot of trouble. Here at Centum Mortgage Store, Ltd. we want to make sure that your first-time home buyer experience goes as well as possible. Here are a few tips to get started:
- Who to call first – Contrary to what you may initially think, the first person you should call when buying a home is not your realtor, but it’s actually a mortgage lender or mortgage broker. Getting pre-approval for a mortgage will help guide your search and give you an advantage in the buying process.
- Have a down payment ready– There are several details that are helpful to understand in regard to down payments. Here in Canada, any home that costs $500,000 or less needs a minimum of 5% down. Your mortgage interest rate is also impacted by the percent you put down on your home. In some cases, putting more money down could end up creating a higher rate. Here at Centum Mortgage Store, Ltd., we’ll gladly answer any questions you have as a first-time home buyer and help you determine the best down payment for your unique situation.
- Shop around – Just as you look at several houses to find the best one, you also want to be certain that you’re choosing the best mortgage. The first offer you get may not necessarily be the best one for you. That’s where we come in. As your mortgage broker, it’s our job to work with multiple lenders to find the perfect mortgage for you.
For more helpful advice for first-time home buyers, call us at Centum Mortgage Store, Ltd.