Tips for First-Time Homebuyers
Research the area, and the market
Most home-buyers enter the market with a specific community or neighbourhood in mind. While you’re checking the quality of the neighborhood and its amenities, also consider distances to work and other destinations. If you live in a big city, proximity to work often comes at a higher cost. Research the market thoroughly and decide what the right compromise is given your budget, lifestyle and needs.
Work with a broker
Fewer and fewer buyers go straight to their bank for a mortgage. Instead, they visit a Mortgage Broker to get a better sense of what their options are. The mortgage industry extends far beyond the top banks and there’s a pretty good chance that a lesser known lender will provide you with a better rate. Brokers work on your behalf to find you the best mortgage for your specific situation. Essentially, they scour the market for you to locate the most favorable lending terms available. This isn’t always possible at your bank.
Don’t feel rushed
A seller’s market can create a sense of urgency to snatch up the first piece of property that even remotely meets your criteria. After all, very few emotions move people faster than the fear of missing out. While it’s always important to act with purpose when buying a home, there will always be new listings tomorrow. If you cast your net wide enough, you’ll have plenty of options to find something suitable in a reasonable time-frame.
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