Five Tips To Purchase A Home Successfully
There’s a lot to consider when buying a property as it’s a significant investment. For starters, you need to know if you have sufficient funds to make a successful purchase. If you don’t, like many, you’ll require a mortgage to afford your dream home. However, getting a mortgage can be trickier than it used to be, so to ensure you get a mortgage, you must be well-prepared.
To be certain you have all the essentials for a mortgage, it’s vital to understand and note what they are. This is because the world of mortgages is complex to navigate, especially for those with little experience in it. For this reason, you must acquaint yourself with this industry before you dive into real estate. To help you out, mortgage specialist, Heidi Hamano at TMG - The Mortgage Group has aggregated her experience in the mortgage business and designed a list of five tips to purchase a home successfully. Keep reading to know how to ready yourself for a mortgage to buy a new home.
Tip #1: Find a mortgage specialist you can trust.
A mortgage broker is a vital resource when you’re planning to purchase a home. They understand how the mortgage market works and have access to a wide range of lenders, so you have a diverse set of options no matter what your financial situation looks like. Similarly, they help you with the necessary paperwork to ensure the whole process is smooth and simple. When hiring a mortgage expert, however, remember to ask for their license and check their reviews online.
Tip #2: Assess your down payment capacity.
Evaluate how much down payment money you can come up with. The down payment can be your savings, RRSP, Stock, TFS, or a gift from family. Speak to your accountant, bank, or even your mortgage agent for information about down payments. They can probably guide you with a financial plan in case you need to save up or combine finances for your down payment amount.
Tip #3: Make sure you will not increase your liability.
When applying for a mortgage to buy a house, do your best to refrain from credit card transactions and applying for new loans. If you don’t do this, it will impact your credit score and adversely affect your chances of obtaining a mortgage.
Tip #4: Find out how much mortgage finance you qualify for.
Discuss with your mortgage specialist and find out how much mortgage funding you will qualify for. To answer your question, the broker will take into account your income and expenses along with the size of your down payment and possible interest rate. Based on this information they will be able to calculate the amount you can afford as a mortgage.
Tip #5: Get a mortgage pre-approval.
After finding out your target purchase price, start looking for a property. Get a mortgage pre-approval too as it will help you budget your purchase and also give you the power to negotiate with home sellers. An approval is a primary requirement for many sellers today because it acts as proof of your ability to obtain financing.
If you’d like some more guidance while purchasing your home, reach out to Heidi Hamano at TMG - The Mortgage Group. As an accredited mortgage professional (AMP) in Vancouver, BC, I make sure your homeownership journey is made easy. To do that, I take the time to understand your needs and provide you with comprehensive solutions. I focus on building a positive relationship with you during the mortgage process and even long after you’ve received your mortgage funds. I make sure I am available to provide you with the necessary advice at any time, so you can achieve your financial goals and build your personal wealth.