Congratulations on your decision to buy your first home. Owning a home is a monumental step in life that solidifies your place as an accomplished and successful adult. While it is exciting to buy your first home, it can be a bit of an overwhelming process, but really it doesn't have to be. Here are a few steps to get you on the right track to home ownership.
Step #1: The first step is in determining your affordability. I recommend making an appointment with a mortgage broker who can assist you in determining the amount of loan you can afford. This is a great time to go through payment options to see what sort of payments and payment structure you feel most comfortable with. To get a basic idea there are a number of online mortgage calculators as well to provide a guideline approach t you your affordability.
Step #2: Calculate a Down Payment While obtaining an insured loan through the Canada Mortgage and Housing Corporation (CMHC) makes it possible to obtain a mortgage with a down payment of as little as 5 percent, you will qualify for an uninsured loan if you are able to provide a down payment of 20 percent or more. By qualifying for an uninsured loan, you will be able to save on the cost of mortgage insurance. Therefore, you should consider the amount of money you have available for a down payment when determining the price range of the homes you want to look at. When calculating your down payment, keep in mind that there are other costs involved with purchasing a home. Some other expenses might be legals, appraisals, home inspections , property taxes etc. It is best to discuss this will your Realtor. Be sure to have enough money set aside for these expenses when determining how much you can afford to pay on a down payment.
Step #3: Find a Home Now that you have a good idea of what you can afford, it is time to hire a real estate agent so you can start looking through available properties. When you meet with your agent, be sure to have answers ready for the following questions: Do you want to live in the country, the city or the suburbs? Do you want a new home or a resale home? How much living space do you need? How long do you plan to live in the home? What amenities are you looking for in a home? By having a clear idea of what you are looking for, you will be better able to communicate your needs to your real estate agent.
With the help of a qualified real estate agent, you will quickly find the perfect home to suit your needs. Now, all you have to do is make an offer, obtain the necessary financing and close on the deal. Before you know it, you will be moving in to the home you have always wanted!
Step #1: The first step is in determining your affordability. I recommend making an appointment with a mortgage broker who can assist you in determining the amount of loan you can afford. This is a great time to go through payment options to see what sort of payments and payment structure you feel most comfortable with. To get a basic idea there are a number of online mortgage calculators as well to provide a guideline approach t you your affordability.
Step #2: Calculate a Down Payment While obtaining an insured loan through the Canada Mortgage and Housing Corporation (CMHC) makes it possible to obtain a mortgage with a down payment of as little as 5 percent, you will qualify for an uninsured loan if you are able to provide a down payment of 20 percent or more. By qualifying for an uninsured loan, you will be able to save on the cost of mortgage insurance. Therefore, you should consider the amount of money you have available for a down payment when determining the price range of the homes you want to look at. When calculating your down payment, keep in mind that there are other costs involved with purchasing a home. Some other expenses might be legals, appraisals, home inspections , property taxes etc. It is best to discuss this will your Realtor. Be sure to have enough money set aside for these expenses when determining how much you can afford to pay on a down payment.
Step #3: Find a Home Now that you have a good idea of what you can afford, it is time to hire a real estate agent so you can start looking through available properties. When you meet with your agent, be sure to have answers ready for the following questions: Do you want to live in the country, the city or the suburbs? Do you want a new home or a resale home? How much living space do you need? How long do you plan to live in the home? What amenities are you looking for in a home? By having a clear idea of what you are looking for, you will be better able to communicate your needs to your real estate agent.
With the help of a qualified real estate agent, you will quickly find the perfect home to suit your needs. Now, all you have to do is make an offer, obtain the necessary financing and close on the deal. Before you know it, you will be moving in to the home you have always wanted!
About the Author:
Hundreds of Calgary first time home buyers have hired Calgary Realtor Crystal Tost to help them find their dream home. Start searching Calgary real estate to start your journey into first time home ownership.
No comments:
Post a Comment