Rent payment is an inevitable responsibility for most people, and it usually enhances the desire to own a home. The homeownership dream tends to become more intense as you get older, and in some cases, it comes true. Most people face the challenge of meeting the financial requirements necessary for such purchases. Many aspiring homeowners end up giving up on their vision because they lack the sizeable funds for such investments. That is why mortgages for first-time buyers are essential.
Although it is possible to access such loans, the acquisition process is not straightforward. A good mortgage broker can help you find a lender willing to give you a chance, but you must also weigh other considerations like how repayments will affect your future financial plans. You must also select a broker cautiously to ensure you find one that cares about you and genuinely wants to assist rather than profit.
Another crucial factor to contemplate is the home-to-value ratio. Its accuracy is essential in determining the affordability of the mortgage. It is never advisable to go for a loan that takes up to 40% of your monthly salary, and the household bills should never exceed 32% of the income. Calculating such costs can be challenging to an untrained eye, another reason why working with a mortgage broker is crucial.
With Certified Mortgage Brokers, you will have accurate calculations. We include all unclear charges like taxes or maintenance fees. We also know the difficulties first-time buyers experience and how to simplify them. We will give you all the benefits of professional mortgage brokers, including access to multiple lending options and First Time Home Buyers Tax Credit. Our insightful team focuses on the clients’ needs and can even get you pre-approval to ease the process further.