The Steps You Should Take as a First Time Home Buyer in Canada

The Steps You Should Take as a First Time Home Buyer in Canada

First Time Home Buyers 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.
  • Eligibility Conditions of First Time Home Buyers Plan for Canadian Residents
     

    The government of Canada has introduced a First time Home Buyers’ plan to ease the load that home buying costs may exert upon its residents. The first time home buyers’ plan is a program that allows you to withdraw up to $25,000 in a certain year from your Registered Retirement Savings Plan (RRSPs) for yourself.

    First Time Home Buyers Plan
     

    As a first time home buyer in Canada you have the opportunity to use your registered retirement savings plan (RRSP) under the first time home buyers plan, towards your down payment There are some very specific guidelines for this program that first time home buyers should be clear about before buying a home…

     

    Surrey Mortgage Brokers
     

    Without a doubt buying a home or any kind of property accounts to be one of, if not the biggest investment in one’s life. Intuitively, every aspect of the process should be fully thought out, and precautions taken to ensure you are secure and protected. Moreover, before purchasing any property you need…

    First Time Home Buyers Tax Credit Tax Deductible Mortgages
     

    Anyone who has started diving into the world of “how do I use a mortgage payment calculator?” or “what are first time home buyer tax credits & what is a tax deductible mortgage” can certainly understand. But it doesn’t need to be the so complicated, even when mortgages and taxes are being combined…

     

    First Time Buyer Myths That First Time Home Buyers Should Ignore
     

    First time home buyers are often intimidated by the home buying process, due largely to myths they have heard from others. Proper education is essential especially today when there are so many options and choices to make as a first time buyer. There are first time buyers who are even afraid to begin…

    First Time Home Buyer Tips
     

    Purchasing your first home is one of the biggest life decisions you will ever make and no doubt this can be a stressful time. It doesn’t have to be all stressful, however, as there are ways to help and you can even have some fun buying your first home. Here are some first time home buyer tips…

     

    Mortgage Traps
     

    3 Mortgage traps, mortgage pitfalls, mortgage problems and how to avoid them. The mortgage trap: Panicking and accepting a high mortgage rate. Be wary of banks that offer you an extremely low initial rate with a significant increase a year later. For a first time home buyer in Canada, the complexities of mortgages…

    First Time Home Buyer Vancouver
     

    First Time Home Buyer in Vancouver- helping your children buy. With the high cost of buying real estate in the lower mainland of BC, many parents feel obliged to help their children buy their first home. A question that we often get asked is “what is the best approach in helping our children buy their first home”…

     

    Canada Mortgage Rates- a Handy Guide to cibc mortgage rates
     

    The Rate Tango: Canada Mortgage Rates Variable vs Cibc Mortgage Rates Fixed. Become an expert on Canadian Mortgage Rates with our Handy Guide. Many first time home buyers are wondering whether they should take advantage of this low rate or if they should lock in the more secure fixed rate mortgages…

    Five Home Buying Tips For Millennials
     

    It’s the perfect time to move to Vancouver. The job market is stable, the economy is recovering, and the housing market continues to rise. Now is a perfect time for millennials to move from home or stop renting and consider purchasing a home. Here are some tips to consider…

     

    If you would like more information or a free consultation contact Aleem below, and as a Certified Mortgage Specialist let me help you get the home of your dreams. Great Mortgages, Made Simple
    Aleem Peermohamed - Mortgage Broker BC


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