The Steps You Should Take as a First Time Home Buyer in Canada
Buying a property is not an easy decision for anyone living anywhere in the world and if it’s in a place which is completely foreign to you; there are even more apprehensions. Any good Samaritan like me will tell you that conducting research about the real estate market is the first best step towards buying a home in any place unknown to you, and if you are looking to be a first time home buyer in Canada, where some homes prices seem to not have a ceiling, your research might just send you running away, but hold on! Because it’s not as bad as it sounds.
Having been a first time home buyer in Canada myself, I have undergone the perilous passage of thoughts that you might be going through right now, but the truth is, if you follow a few simple steps, it’s not as breathtaking as you might think it is:
- Hire a Qualified Mortgage Specialist: Many first time home buyers make the mistake of going to banks for mortgage of houses and end up being at the receiving end of horrible deals. Remember that banks will only try and make you buy their own products at their own rates, they will not select the best available option for you, they will only try to sell you the best product of their own lot and in most cases, their best is not in your favour. An independent mortgage broker on the other hand works for you, you can tell him all your requirements and he will help you choose the best product that suits your lifestyle.
- Keep your Financial Statements Ready: The initial step towards getting a mortgage is the pre-approval stage. This stage is required for your broker to get started for properties and you can speed up this process by keeping all your financial statements such as bank statements, employment letters, down payment details, pay slips, etc. These documents are required for your broker in order to comprehend your current financial state and determine what sort of properties would suit your lifestyle.
- Keeping your Composure: After you receive the pre-approval, you will have a good idea of how much of a home you can afford and then off hunting you will go, with your real estate professional. At the onset, most likely you will be swarmed with options and it’s important for first time home buyers to not get swayed upon first time viewing of a property. There are a few cases where buyers have bought the first option that was presented to them by getting carried away and have come to regret it in the future. Make sure that you sieve through your options, get your head straight and reach a well informed decision because after all, you will be spending a lot of money on it. And before you buy the property, always inspect it thoroughly.
- Give it some time and keep in touch with your Mortgage provider: As mentioned in the above point, you need to keep your composure and think things through before making any decisions. After you have reached the decision, you need to have a chat with your mortgage broker, and most importantly – especially in this market – do not get swayed into the thought that you should not have conditions to financing on any offer that you make on a property that you desire. Being hasty at this point is only going to have an impact on you, and no-one else. I’ll say this again because it is very important….. it is important for you to maintain constant contact with your mortgage provider and do not go into any sort of deals related to the property without informing them in the first place.