Purchasing your first home is a milestone moment and something that you are likely to remember for the rest of your life. But it can also be a little scary. After all, chances are you have never invested in anything as valuable as your first home.
To further complicate matters, there are a lot of funding options out there, and you may not know which option makes the most sense for you.
As a VERICO mortgage advisor, I will help you understand the various types of mortgages available and work on your behalf, not only to get you a great interest rate but also to find the best mortgage terms that suit your investing style and particular financial situation.
Why work with a mortgage advisor?
Once you start shopping around for your first mortgage, it is likely that you will start receiving all kinds of offers from banks and other traditional financial institutions. One thing that all these offers are likely to focus on are rates – but rates are not the only thing you need to consider when applying for a mortgage. There are options such as fixed vs. variable; there are different amortization periods; and varying conditions for breaking a mortgage that should all be taken into consideration before you make your choice.
As an independent mortgage advisor, I am not tied to a particular lender’s products. Instead, I have access to over fifty lenders, so I can shop around and help you get the mortgage that is most suitable for you.
Perks for first-time homebuyers
As a first-time homebuyer, you also have certain options available to you that can help make home ownership more affordable. These options include taking a loan from your RRSPs in order to help with your down payment as well as other incentives such as tax breaks.
I will help you understand these incentives as well as assist with the paperwork to ensure that you can take full advantage of these offers.
Get preapproved for your first mortgage today
A lot of first-time homebuyers make the mistake of house hunting first and getting approved for their mortgage second. Once you have decided that you are financially and emotionally ready to purchase your first home, you really should get preapproved for a mortgage before you start shopping for homes.
The first reason for this is that by getting preapproved for a mortgage you will know exactly how much you can afford. First-time homebuyers often have unrealistic expectations when they first start looking at real estate. Knowing ahead of time what you can afford will help you avoid possible disappointment.
The second reason for getting preapproved is that doing so will give you an advantage when it comes time to make an offer. If there are competing offers, a prospective buyer who has already been pre-approved for their mortgage has a better chance that their offer will be accepted.
One of the most rewarding aspects of my job is helping people realize their dream of homeownership. If you are looking to purchase your first home, let me help you find the mortgage solution that is best for you.