A Beginner’s Guide To Buying A Home
Buying a house is a dream for many young adults across Canada, as it marks a new phase of independence and adulthood. However, purchasing a residence can be challenging for a first-time homebuyer. There are several steps, tasks, and requirements involved, and the possibilities of making an expensive mistake are relatively high. This causes them to postpone their home buying decision or make the wrong choices if they proceed.
If you’re looking to simplify the home buying process, especially when funding your purchase, becoming aware of the process and correct steps are vital. To help you get acquainted with the best way to purchase a property, mortgage expert Maria Titarenko has put together a Beginner’s Guide to buying a home.
Hire a mortgage broker: A mortgage broker will work on your behalf and will shop for the best rates and products for you. This saves you the legwork and the stress of finding a fair and favorable mortgage.
Collect relevant documents: Some of the essentials required when applying for a mortgage are your most recent pay stubs, T-4 for the past two years, and bank statements for the past three months. Make sure that you have these documents on hand when approaching a lender for a mortgage.
Get prequalified: This is an essential step as it tells you how much you can afford to borrow. Once you have this information, you can find suitable real estate options to match your buying power.
Find a real estate agent: For a residence that’s within by your financial capacity, working with a real estate agent makes a lot of sense. They will help you determine the kind of property your money can buy and will help you close in on the house suitable for your needs.
Advice From The Pros
Maintain stable employment and debt status: When applying for a mortgage, avoid changing your employment status, incurring additional debt, or making changes in your credit profile that can affect your score. You also need to maintain the required down payment in your bank account to be seen as a suitable borrower.
Contact an experienced mortgage broker: A qualified mortgage broker will advise you on any additional steps to be taken during the application process. In case you have a weak credit score, they will help you improve it and get an appropriate mortgage as well.
For an expert mortgage broker in Prince Albert, Saskatchewan, reach out to Maria Titarenko. She is a passionate mortgage expert who works in association with Dominion Lending Centres, a renowned mortgage brokerage. With the help of their resources, Maria Titarenko can help you identify your needs, verify your financial status, and effectively obtain the perfect mortgage. She will walk you through the home buying process and is available to answer all of your questions. Her mortgage industry experience, along with her personalized, strategic approach, allows her to create the optimal mortgage solution for each situation.