Things to know for first time home buyers

Owning a home is a dream for all of us once we start earning. With the record low prevalent mortgage rates, you can actually make your dream come true. But home purchase is a serious and huge responsibility and you need to be totally committed towards the goal. You must be unswerving in fulfilling the obligation of debt repayment regularly and completely. A knowledgeable and dependable broker dealing with homes for sale in Milton can help and guide you best down a quick and hassle-free path to homeownership.

Affording the first time mortgage

Home purchase can be the single largest purchase you may be making and an intelligent first time home buyer will try to glean all knowledge about his first time mortgage. The home mortgage process is quite complex and it can be pretty confusing, especially for a first time home buyer. At the outset, you need to know whether you can afford to buy a home, how much you can invest, and how much loan you may need. Knowing your financial capability accurately is the first step towards applying for a loan and buying your home.

Preapproval for first mortgage

Getting a preapproval is the first step for first time mortgages. It shows that you are serious about getting a home for yourself and you will know exactly how much you may be able to borrow. A preapproval will hold the advantageous interest rate while you finalize the home selection process. You need to present your complete financial history for the lender's perusal; proof of income from every possible source, your credit score and credit history, assets, and other debts. A market savvy mortgage agent can guide you through the preapproval process easily.

Down payment & mortgage rates for first time mortgage

In first time mortgage process, a down payment is a must and you need to notify your bank how you are going to meet the required payment. Advanced and detailed planning will make the process smoother and faster. Right from preapproval to the final stage of the mortgage, a lot of paper work is involved and a knowledgeable mortgage broker can help you at every step of the process smoothly. You are assured of a house you like, comfortably and peacefully, with right mortgage amount and advantageous interest rates.

Benefits for first time mortgages

First time mortgages offers strong negotiation powers for the homebuyers because your down payment gives you a good bargaining leverage. Especially if you happen to have a good credit history, many lenders are quite keen to offer you loans at very advantageous interest rates. Tax benefits like the concession in land transfer taxes are offered to first time home buyers. Also mortgage interest amounts can be deducted on your income tax returns.

First line of help for first time mortgages

First time mortgages can be scary and look complex for novice homebuyers. Learning more about the options available and steps that need to be taken will make a first time home buyer an informed home buyer. A dependable and trustworthy mortgage broker with hands on experience in real estate in Milton - like Mr. Tom Snow - can make all the difference between a stumbling novice and an assured informed home buyer. For more information, reach www.tomsnow.ca/ today.