First Time Home Buyer Edmonton
Thinking About Buying Your First Property in Edmonton?
Tired of passing your hard-earned rent over to your landlord? Maybe you’ve built up some money and have a downpayment for your own property in your dream community in Canada.
If you’re thinking about buying your first house in Edmonton or Surrounding Area, congratulations! Buying a house is one of the most important and fulfilling investments you can make in your life, and it’s not always easy to navigate the process, especially if you’re doing it on your own without any experience.
But, will the full mortgage payments take you by surprise? The cost might actually be cheaper than your rent payment, and it would be within your budget. Figuring out how much you’ll need for a deposit, knowing what’s a good interest rate, or knowing what fees will be involved can seem confusing before you move forward.
Any first-time homebuyer is going to want some expert advice, so they don’t pay too much and save on the tax. You’re not only concerned with purchasing your new home, but you also have to get a loan. A mortgage is a loan that allows you to buy a house by paying back the seller over an extended period of time. As with any financial transaction, there are many options out there, and it can be easy to get overwhelmed when trying to figure out which ones are right for you.
No matter what your situation is, I could help simplify the buying process for First Time Home Buyers, and I worry about all the financing details, like mortgage payments, so you can get down to finding just the right property as fast as possible. Remember that I work for you, not the banks!
Did you know that the government of Canada’s CMHC insurance premiums are paid for in full by the borrower at the start of their mortgage. So that may mean the repayment of your mortgage will be going towards the premiums and interest before principal. So ask yourself, would it be worth it to repay the premiums first?
I’m here to help you beat the federal banks… Give me a call today!
If you look on the web, you will notice that the first step toward home purchases (or any other properties for that matter) is finding a Mortgage Broker.
The job of a mortgage broker is to match you with a bank or lender who will actually do your loan. By working with a broker, you cut out some of that legwork and even your down payment. You also get access to someone who can explain all of your options, so you can find the best mortgage for your needs and situation. You don’t want to get stuck with a loan amount that is under the market value with a balloon payment set to explode in four years or five years. We make sure your purchase price is fair to everyone involved.
Make Sure You Get Pre Approved First And Lock In Your Rate!
You can Get Pre Approved First with the help of a mortgage broker. Buying a house is about much more than putting in an offer and hoping for acceptance. You need to know what the minimum and maximum you can afford, which typically requires getting preapproved by a lender.
The process can seem overwhelming, including: Get your credit score, open a mortgage account, have some forms notarized, find insurance, supply income and employment details, and receive approval—or not—from your bank. It can be tough for a first-time homebuyer who is just starting by building a plan, and sharing all of these documents.
I will take care of the financing details for you!
As a first-time homebuyer, you could be eligible for a first-place program, so you have enough to worry about. A mortgage broker doesn’t work for a bank, we work for you. Working with a mortgage broker means you can get a feel for how much house you can afford while also getting help finding and securing your perfect new home. After getting preapproved, celebrate and start looking at listings with your realtor, and negotiate with sellers.
When it comes time to buy a house or refinance an existing mortgage loan, meeting with lenders is often part of your regular routine – but it shouldn’t be. There’s no reason why you should need five or six appointments with several different lending professionals when there are just as many banks and lending institutions out there doing business in your area.
You won’t have to worry about the numbers!
(except how many bedrooms your new home will have)
Mortgage brokers have access to all available products on the market in your favorite communities for first home buyers. Or even if you’re in talks with a builder for a new home. Some builders even recommend a specific lender that is related to their business. This means that I can match your needs with a specific lender’s product or point you in the direction of someone who can. That’s great news if you’re a first-time homebuyer; often, lenders offer better rates to borrowers who haven’t owned property before because they haven’t been burned by defaults yet.
Oh yeah, that’s the stuff right there! With your great rate and better mortgage, you might just feel like skipping and hopping all the way to your new home. And best of all, paying less for your home is going to bring a smile to your face every month. If you want the total of your mortgage to have a higher payment, we can also do a 5 or 10 year loan, or a more typical loan of 25 years.
Why is it important to get a FAST mortgage pre-approval?
With mortgage rates near historic lows, it’s an excellent time to buy. Getting preapproved for a mortgage is a must, even in Alberta or any city. It gives you more flexibility when searching for your first home and lets you compare lenders so you can find one that’s a good fit for your financial situation and the price you can afford. Getting pre approved from all types of homes also opens up opportunities with sellers who will work with buyers who have their financing lined up for their housing needs.
You can get pre approved yourself by comparing mortgage rates online or visiting major banks and credit unions in person. Still, it’s always best to get some professional advice from a mortgage broker who knows how mortgages work and how much you should expect to spend on closing costs as well as other fees involved for you as a first-time homebuyer.