Buying a home doesn’t need to be a challenging nerve-racking experience. Getting the best mortgage rates from us as your mortgage broker Toronto specialist is the first step. Here’s five other first-time home buyer tips that will make the process hassle free.
Save Now
Having a good down payment means that you will owe less over the long run. The usual amount is 20%. Even though you might be able to get away with less, the more you put down the less you’ll have to make sacrifices as you enter your mortgage.
Start saving now if you’re still renting.
Add Closing Costs
Owning a home means you’ll be finding out about a whole new bunch of unexpected expenses. That process starts early with the closing costs. Keep in mind these generally can cost up to 5% of the loan amount.
Set Aside Some Home Shopping Cash
You’ll also need to put some money aside for appliances and furnishings once you get the keys to your new home. After you get the first financial part and have the best mortgage rates under your belt, you might need to grab some paint and start working on the inside right away.
Stay Within Your Preapproved Ceiling
Budgeting is one of the big cornerstones of successfully owning a house. You can start by staying within your limits. That means not shopping over your preapproval ceiling.
Pick A Good Neighbourhood
It’s just as important to find the right neighborhood as it is to find a good home that you can afford. Take a look at the schools in the area even if you don’t have children. Those are an excellent selling feature that can increase the resale price of your house.
Of course, the best mortgage rates are a great part of the complete package. However, there are some other things that these five tips should get you thinking about.
