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Important Guidance for Anyone Buying Their First Property

Important Guidance for Anyone Buying Their First Property

posted in Mortgage News

Renting works for some people, but for most, there will always come a time in life when owning their own home starts to look like a much more enticing prospect than putting money in someone else’s pocket. However, while it can be a big and important step to take, and one that many look for ward to, it can feel a little overwhelming if it’s your first home.

With this in mind, here is some important information to help make the process go seamlessly, from experienced mortgage brokers in Canada:

Make sure you have all the necessary documents

Having the right documents ready when you come to apply for a mortgage and purchase your first home is essential, and will help save you a lot of time. Below are examples of some of the most important documents you’ll need:

  • • Documents regarding your income

    T4s, notice of assessments and a statement of account showing that you don’t owe taxes is important to keep safe and have to hand, and if you’re self-employed, you can ask your accountant for the FULL T1-Generals and keep a PDF file in a safe folder. You should have your company registration or business license readily accessible, too.

  • • Bank/investment statements

    For paper statements, keep your most recent ones safe, especially if they’re quarterly, and try to keep your down payment in as few accounts as possible with minimal transfers; every deposit you make will be questioned, but by having just one account, you can minimize the stress and hassle.

Determine your budget

When thinking about how much you can afford to spend on your first home, try to be as realistic and honest as possible, to avoid getting yourself into debt. Remember that emergencies can happen at any time, and having a certain amount of money set aside to cover for them, can be extremely helpful.

Some homebuyers choose to seek advice from a financial advisor, while others turn to an experienced local mortgage broker for more up-to-date guidance when trying to determine what they can and can’t afford.

Don’t skip pre-approval

While it’s true that pre-approval is no guarantee that you’ll get the mortgage you’ve applied for, it can be helpful for clearing up any unforeseen issues such as unknown credit problems, in advance. It also gives your mortgage broker everything he or she needs to accurately assess your financial circumstances, and find you the very best deal on a mortgage.

Pre-approvals help you to get a better understanding of your true price range, enable you to formulate a workable budget, and give you the peace of mind of a secure rate while you look for your first home.

Getting a great deal on a mortgage and finding a first home that you can easily afford, is always possible when you go it alone, but having a professional on hand to guide you can get you there that much quicker, and give you access to deals you might not otherwise have been privy to.

Let the property shopping begin!

 

Mortgage News

08 dNov, 2022

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