So you have been tossing around the idea of jumping in and buying your first home. The problem is, you don’t have a clue where to start. Here are three super quick and easy tips to get you on the right track.
Find a referred mortgage broker
Any institution can get you a mortgage, but only a good mortgage broker can get you a product that is designed to fit your lifestyle with the lender of your preference. And to boot, they will make other lenders compete for your business so that in the end you win with the best interest rate, saving you thousands. To take this up one level, ensure your chosen professional has warm referrals or recent testimonials that show they are fully engaged in the business and are succeeding in assisting others.
Decide your purchase price and property type
Taking the time to put together a plan as to how much, where, and what type of home you desire is the next tip. Working with your broker and REALTOR®, the maximum purchase price and inventory available will become clear as the mortgage qualification or pre-approval process is completed. Then it's just a matter of shopping the market to find the abode of your dreams.
Make an offer
The final tip, and one a more analytical person will have a harder time overcoming, is to make an offer. This may seem scary at first, but the reality is that you have protections in the sale agreement. Even if they accept your offer the first time out, you can back out if you feel you are in over your head. And the nice part is that you will learn a ton from the exercise, so if you find a property that is to your liking, then just go for it!
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate