Going through the mortgage process can be overwhelming if you are a first-time buyer. Where do I start is a question most homebuyers ask themselves once they have decided to take on the responsibilities of homeownership.
The first step you should take is finding the right Edmonton mortgage broker. The second step is reading through this useful list of things your broker wishes you knew, to better prepare you for the mortgage process.
- Your Mortgage Broker Is Your Go-To Person
You should turn to your mortgage broker first for every single financial situation in regards to your new home. They can answer any questions you have, and will educate you on common terms you should be aware of. Your mortgage broker is here to assist and guide you throughout this process, so do not be afraid to call or email them at any time.
- Be Prepared
When obtaining an Edmonton mortgage, it is important to be prepared from the beginning. This means to know what kind of house you are interested in and ask your friends and family on local realtors they recommend. Once you have a realtor, they will be able to show you around to homes that fit your budget. You will also need to get an attorney, which your mortgage broker would be happy to recommend who they think the best person for the job would be.
- Know About Your Down Payment
Most first time homebuyers are unaware of the rules associated with paying for your down payment. You are unable to borrow that money to help pay for this cost so be sure to have enough savings in your account to pay at least 20% of your home’s purchase price. If you are unable to pay 20% of your down payment, you can still get a home loan, you will just have to pay for private mortgage insurance. Please contact The Mortgage Group at 780-721-4879 for more details.
- Do Not Make Any Major Purchases During the Application Process
Taking on more debt while you are in the middle of getting approved for a loan could hurt your application status. Hold off on making any large purchases until your loan has been agreed and signed for.
For more details on home loans in Edmonton or things your broker wishes you knew, please contact The Mortgage Group at 780-721-4879.