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First Time Home Buyer Mortgages: Tips for Borrowers 2018-10-31 06:21:31 Akal Mortgages First Time Home Buyer Mortgages: Tips for Borrowers

how much does it cost to buy a housePurchasing your first home can be very exciting – but it can also be a little scary. After all, there are so many details to consider! A home is a huge purchase and for many of us, it is the largest purchase we will ever make. When you apply for a first time home buyer mortgage, there will be many options – and this can feel overwhelming.

But fear not! In this article we are going to share some of our top tips for borrowers applying for a first time home buyer mortgage.

1. Control your existing debt

When applying for a mortgage, you are going to be taking on more debt, so you need to consider how this will factor into your ability to pay your existing debt. Sit down with a mortgage professional to go over your current finances. They will be able to help you determine how much you’ll be able to afford on your mortgage payments.

Don’t forget the “other” costs of buying a home

When applying for a first time home buyer mortgage, remember that the mortgage itself is not the only fee you have to consider. Buying a home also involves other expenses such as appraisal fees, insurance and closing costs. When you take the time to factor in all the expenses, you won’t have to worry about getting caught off guard by unexpected costs.

2. Don’t bite off more than you can chew

Remember, even though you get approved for a certain amount doesn’t mean you have to use up that full amount when purchasing a home. Buying a less expensive home than you can afford will help ensure you have plenty of financial cushion for the other expenses that are part and parcel of home ownership such as utilities, property taxes, upkeep, etc.

3. Explore your mortgage options

There are many options when it comes to first time home buyer mortgages. Don’t default to a fixed rate mortgage or a certain amortization period just because that’s what a friend or family member did. Sit down with your mortgage broker and let them help you determine the best choice for you.

4. Work with a mortgage broker who will work for you

One of the biggest mistakes that first time home buyers often make is that they don’t shop beyond their own bank or financial institution. This means they might not be getting the best rates or terms for their mortgage. A mortgage broker works on your behalf and will shop around from a large pool of lenders to help you get the mortgage that is right for you.

If you are interested in learning more about first time home buyer mortgages, a member of our team will be happy to speak with you. Call us today at (416) 621-1300.

When we say YES! We stand behind our promise.®™


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