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Could These 5 Signs Mean You’re Ready to Buy Your First Home?

Could These 5 Signs Mean You’re Ready to Buy Your First Home?

posted in Mortgage News

Owning a home is a dream for many Canadians, but not everybody is in a position to be able to buy a property, and some may not be for many years to come.

If you feel as if you’re ready to take your first steps onto the property ladder, however, here are 5 signs that could help you determine whether you’re truly ready:

  • 1. You have a steady income

    Most people who buy a property for the first time, do so with the help of a mortgage, and this means that they must be in a stable enough financial position to make the necessary mortgage payments every month, and for the duration of the term.

    Whether your steady income comes from full time employment, or self-employment, a mortgage broker can help you find a lender that will be sensitive to your individual financial circumstances.

  • 2. You have enough money for a down payment

    The amount you can afford to put forward as a down payment, will likely have a significant impact upon the type of house you’re able to buy, the amount you can borrow and the range of financing options you qualify for.

    If you’ve got the funds ready to make a down payment, talking to a mortgage broker can help you decide how much you can afford to put down, and how it will impact upon the factors mentioned above.

  • 3. You’ve found a neighborhood you love

    Even if you’re buying your first home as a stepping stone to something bigger and better in the future, it still needs to be in a location that you can comfortably live in for at least a certain amount of time. If you’re buying a home to live in for good, then this becomes even more important.

  • 4. You’re able to comfortably manage your debt

    Budgets are part and parcel of buying a home, and if you’re now in a position in which you can stick to a budget and comfortably manage your mortgage debt, it could be the ideal time to venture into home ownership for the first time.

  • 5. You have an emergency fund

    There are invariably a variety of unexpected expenses that go hand in hand with home ownership, and even if you have a great budget for managing your mortgage debt, you still need to have some money set aside in an emergency fund. If you do, then great, let the house hunting commence!

If you’ve read through the five points above and feel that you can tick all of the right boxes, why not meet up with an experienced mortgage broker in your locality, and start thinking about what you might be able to afford.

 

Mortgage News

14 dJun, 2022

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