Obtaining a mortgage is likely to be one of the largest financial obligations you will have during your lifetime. It marks the beginning of a new milestone, and is often accompanied by excitement and joy! However, if you are a first time home buyer entering the real estate market, there is a possibility that the lengthy mortgage process, terms, and conditions, may feel intimidating. Fortunately, with a little preparation and the assistance of a professional mortgage broker, you can easily overcome the hurdles you face and choose the ideal mortgage for your needs.
To help you prepare correctly for the purchase of a new house, Jodi Habel Mortgage Agent has put together a Beginner’s Guide to buying a home. In this guide, I have covered the essentials you will need to obtain a mortgage and how a mortgage expert will support you throughout the application process.
Getting Started
Hire a mortgage broker
There are multiple steps involved when preparing to buy a house. For starters, you need to create a budget, organize your financial documentation. By understanding these requirements and ensuring they are adequately taken care of, you can expedite the pre-approval process. To ensure you are aware of all the essentials to apply for a mortgage and don’t miss out on anything, it’s vital to hire a mortgage broker. These specialists are aware of the mortgage approval process and can quickly educate and guide you throughout the process.
Next Steps
Create a budget
By working with a mortgage broker, you can determine your budget based on how much you can afford to invest in a home right now. This will help determine the maximum purchase price you can afford and not just qualify for. Also, it will enable you to see what you can afford as a monthly payment for your new mortgage, which will include property taxes and condo fees, if applicable.
Determine your goals
Take into consideration your current situation and the items that you want your new home to have. Determine how long you intend to live in your new house and what your approximate monthly expenses will be. Doing this will help you determine if you can afford the home you want or if you’ll need to hold back for now. Similarly, reviewing your future plans will help you figure out what type of mortgage will best suit your needs. Also, taking into account the possibility of a growing family will help you see if your financial situation and plans to be mortgage-free will need to change in any way.
Assess and verify your personal information
With the help of your broker, compare several mortgage options that align with your needs to obtain the right one. Next, gather your financial documentation as requested and make sure it is completed before submitting it to the right lenders.
Advice From The Pros
Get fully pre-approved: Ensure that you are fully pre-approved before going house shopping. This entails having your credit report verified, and providing income and down payment documentation upfront so that everything can be checked. That way, you are set up for success when you locate the home of your dreams.
Prepare yourself: If you are not financially ready to purchase a new house, work with a professional mortgage broker who will help you obtain the necessities to make homeownership possible. For example, repairing your credit or creating a budget to help eliminate debts or save up for a down payment.
Choose a broker you are comfortable with: Ensure you are working with a mortgage professional who makes you feel comfortable. To check your comfort level with a broker, try to ask a lot of questions about the home buying process, and how you can achieve the goals you’ve set for yourself. Ask about the incentives available to you when purchasing a home and what services the mortgage broker will provide once your mortgage has been funded.
At Jodi Habel Mortgage Agent, my goal is to exceed your expectations. As the go-to mortgage agent in Cambridge and Woodstock, ON, you can feel confident in reaching out to me for all your mortgage needs. I have over fifteen years of experience in the mortgage industry and have helped numerous clients find the perfect mortgage products for their needs and also save money on interest rates.
Visit my website to learn more or contact Jodi Habel Mortgage Agent today.