Buying a home is a big decision and for most Canadians, it is the biggest investment that they will ever make. If you have decided to take to the plunge into homeownership, then congratulations! You are in for an exciting journey! Unfortunately however, that journey can sometimes feel complex and overwhelming.
The good news is that you don’t have to take that journey alone! There are many tools and resources available for potential homeowners that can help them make the right decisions.
The following are a few tools that are available to you:
Online Calculators
Online mortgage calculators can help you determine how much of a mortgage you might be able to afford. These simple online tools help you to figure out what kind of mortgage you might qualify for by taking into account information such as monthly income, property taxes, etc.
Rate Comparison Charts
Most lenders will advertise their five year fixed rate as this is the most popular type of mortgage among Canadians. The truth however is that this type of mortgage may or may not be the best one for you. Looking at a mortgage broker’s rate comparison chart can be a good way to get a better understanding of the type of mortgage that might be best for you.
Canadian Mortgage And Housing Corporation
Especially if this is your first time buying a home, you need to check out the CMHC website. CHMC provides prospective homebuyers will all sorts of useful information including home buyers’ guides, financial calculators and information on specialized topics such as seniors and accessible housing.
A Professional Mortgage Broker
While online tools are useful, there is simply no substitute for a professional mortgage broker on your team. A broker can go through your finances with you in greater detail to make sure you have accurately calculated how much you can afford. They are also a great resource for helping you to apply for any financial incentives you might be eligible for including the new First-Time Home Buyer Incentive.
At Akal Mortgages, our brokers are always eager to help our clients achieve their dream of home ownership.
A Professional Real Estate Agent
Once your mortgage broker has pre-approved you for a mortgage, it is time to start actually shopping for a home. We recommend that you do this with the assistance of a professional real estate agent who can help you find a home with your desired features in your price range. A real estate agent will also be able to give you advice on negotiating in order to help you get the best price you can.
If you are ready to purchase your first home, contact Akal Mortgages today for a consultation.
When we say YES! We stand behind our promise.®™