Broker vs. Bank / closing costs / Credit / Documents / Downpayment / First Time Home Buyer / Market Updates / mortgage / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rules / Stress Test / Uncategorized

Spring has sprung! Is Now the Right time to buy a home?

Home Appraisals

The first day of spring is March 20th and it can’t come soon enough after being cooped up during some very cold winter months! As experts in the real estate industry say the spring market is the busiest time of the real estate year, now would be the time to make the decision, do I buy or continue renting?

Making a decision like this can be quite stressful and given all of the government rule changes, you might be worrying about qualifying as well as whether you have enough money for the down payment plus the closing costs that come with buying a home.  Further to this, I am seeing a lot of uncertainty about house prices and where interest rates are going.

Now more than ever, I strongly suggest both first -time homebuyers as well as move-up buyers work with an experienced team of experts who can guide you through the entire process. Having said that, it all starts with an experienced mortgage professional who will take a detailed look at your finances and find the best mortgage product for your unique situation. Everyone’s financial profile is quite different and as a Licensed Mortgage Broker for many years working with a large number of different lenders I am familiar with most situations and can offer you options that may not be available thru your own bank. If you don’t qualify because of the new rules, I can offer alternative lender solutions or help you work on a plan so you can eventually qualify.

When you’re ready to start house hunting, with a pre-approval in hand, you can confidently work with a Realtor to find the right house for you.

I have recently learned of a report written on the Psychology of House Hunting and it was determined on average, a home buyer will spend five months house-hunting and will visit 10 locations before deciding to buy. Again, It’s a good idea to make sure you can still qualify at the price range you have been looking in, so do consult a mortgage professional first as they will know of all of the mortgage rule changes and how they will factor in you meeting the mortgage requirements.

Once you have found a home you want to offer on, working with an experienced lawyer is the best way to make sure there are no surprises at closing. To recap, work with professionals and do some research.

Below are 5 issues home buyers might experience:

  1. Not getting pre-approved. Without one, you may not know what you can afford or if you even qualify for a mortgage.
  2. No Home Inspection. This is a must, especially in older homes.
  3. Not budgeting for the increased costs. Home ownership comes with additional costs that you don’t have when renting. In addition to mortgage payments, you will have property taxes, likely higher utility bills, home insurance and extra costs for maintenance and repairs.
  4. Not knowing the closing costs. A lot of buyers forget about the closing costs, which includes and not limited to legal fees and any property tax adjustments due to the seller.
  5. Forgetting about future needs. If the home you’re purchasing is a starter, then perhaps a two-bedroom will work for you. However, if you plan to start a family, you might want to look at a three bedroom. Or if you there any other possible living arrangement changes, make sure to factor those in.

Questions, now is the time to contact the Mortgagegirlca and put her over 35 years of experience to work for you. #askquestionsgetanswers #benefitfromexperience. Contact her by phone – 780-433-8412, email – info@mortgagegirl.ca . Follow her on Facebook (Mortgagegirl.ca) , Twitter (MortgageGirlca) or read more of her blogs at (mortgagegirls.wordpress.com)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s