When it comes to purchasing your first home, there are a lot of decisions to make and, unfortunately, a lot of room for error. Follow this guide to make the most of your home buying experience and avoid these mistakes when it comes to applying for a first-time buyer mortgage.
Don’t Drain Your Savings With a First Time Buyer Mortgage
You’ve been scrimping and saving for some time now, and you’re itching to get out of the rental game. However, try not to drain all of your savings on the purchase of your first home. Together with your realtor and your mortgage lender, come up with a suitable solution that fits your financial plan. You might want to set some extra cash aside if you decide to take out a home renovation loan in the future or buy new furniture for your house.
Don’t Forget About Hidden Costs
There are quite a few fees that you might forget about as you apply for a first-time buyer mortgage. In addition to your down payment and monthly mortgage payments, you’ll need to cover the cost of moving, a home inspection, repairs, insurance, taxes and the closing costs of the sale to name a few.
Don’t Rule Out a Private Mortgage Lender
One of the greatest mistakes you can make when it comes to applying for a first-time buyer mortgage is talking with only one mortgage provider. Not all mortgages are created equal, and you might be able to get a better rate if you do the proper research. Consider applying for a loan with a private mortgage lender if you’re looking for higher approval ratings and better customer service.
Don’t Look at Houses Before Applying for a Mortgage
Buying a new house, especially your first house, is an exciting life event. That being said, try not to make an emotional decision. At the same time, it’s best to apply for mortgage pre-approval so that you are ready should the perfect house present itself.
Don’t Opt Out of A Home Inspection
Even if a house looks perfect, you never know what’s happening beneath the surface. A detailed home inspection can help you determine whether the listing price is fair and if there is any need for negotiations.
Avoid these five mistakes, and you’ll be in the best position to apply for a first-time buyer mortgage with a mortgage lender!
Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email firstname.lastname@example.org.