Important Things Port Moody First Time Home Buyers Need to Know
Buying a house can be intimidating and scary, mostly because it is the biggest and most expensive purchase you will ever make in your life. However, before you take on the plunge, among the most important things you need to find out is what you should know first before you close a deal. Remember that becoming a first time home owner is a huge commitment so here are the top things that you should remember before you take anything with finality.
Know Your Budget
Unless you were born a Vancouver millionaire, money will always remain to be a huge problem for you so you will want to make sure that you are actually able to afford the house you are planning to purchase – or you could just get stuck in a huge debt. Determine your budget and find out what price range the house that you can afford to pay for falls under. This may mean that you will have to give up on a few luxuries until after you have the house paid – but just make sure you do not sacrifice even your family’s most basic needs. Try to get rid as much of your debt as you can before trying to purchase a home.
Save Up for a Deposit
A 100% loan is very rare (if it does happen) and buyers will often be asked for around 5 to 20% of the total price of the house to be paid as down payment. You will also have to consider other additional expenses such as taxes and insurance. There is truly no fixed number on how much you need to save up for your first home but try to go as high as you possibly can.
Look Around for the Best Loans
Do not go and settle for the first loan that you can find – for all you know, there are better deals available if you just look around. Ask for information from banks or you can get advice from your friends, family or other reliable sources. You can also search through the Internet for loans with the best interest rates even without having to leave your home.
Ask for a Mortgage Broker’s Help
A trusted local Port Moody Mortgage Broker, is a great place to start looking for answers for all your mortgage related questions or concerns. In Port Moody and surrounding area of Vancouver the clear choice is Karin Hoehn, she has the right knowledge and experience to navigate their way around the complicated world of real estate. Karin will work with you and make sure you understand the process and all your financial options relating to your mortgage. Karin offers mobile mortgage broker services across the lower mainland.