First Time Home Buyer
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Planning and Preparation
When you purchase a home, you will be expected to make a down payment so you need to save for this ahead of time. Remember the bigger the down payment the more affordable the repayments will be. If you do not have sufficient funds to make a 20% down payment you will have to take mortgage insurance, which will increase the monthly repayments. It is also necessary to factor in 2% for closing costs which you will have to cover.
Start off your preparation for the big step by reviewing your credit rating. Your credit score is one of the most important determining factors in whether you will qualify for the home finance or not, so you should get your credit rating in order before even applying for a mortgage.
It is also a good idea to reduce your income to debt ratio, as lenders will use this to determine whether or not you can afford the repayments on the mortgage.
Most Mississauga residents aspire to home ownership but purchasing a home can be a daunting task especially if you are buying your first home. There is no doubt that this is an exciting time in anyone’s life, but the road to home ownership is fraught with risks.
To qualify for a mortgage your monthly housing costs should be under 32% of your gross income and your income to debt ratio must be under 40%.
Calculate what monthly payments you can afford before approaching the mortgage broker. When working out what repayments you can afford don’t forget that there are other costs associated with homeownership that must be factored in. These include such expenses as insurance, property tax and home maintenance.
As a first-time homeowner, you may qualify for government assistance. The Canadian government will allow you to borrow $25 000 from your Registered Retirement Savings Plan. Your spouse can do the same. You have fifteen years to repay the funds. There is also a $750 tax credit for first time homeowners.
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Obtain Pre-approval Before Finding Your Ideal Mississauga Home
You should start the process of property investment by applying for a pre-approved mortgage. This way you will be sure to choose the property that you can afford, saving a lot of time and considerable disappointment if you had chosen a home but didn’t qualify for the loan you needed.
A pre-approved mortgage will include the loan amount, the interest rate and the monthly repayments.
Buying your own home is an important decision which can have long-term implications for you and your family. In choosing a home you must select one with the future in mind. For example, if you plan to expand your family over the next decade you should find a house that will provide for this.
The location should cater to your work and recreational needs, and it should be in a marketable area. If you are purchasing a condominium you should be even more cautious and ensure that the building is properly run by checking the relevant audits.
Ask the Professionals
Purchasing a home is complicated but fortunately, there are plenty of Certified Mortgage Brokers in Mississauga that can help you through the process. You should not attempt this alone and should seek sound professional advice before taking the plunge.
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