First time buyers info
Buying a home is an exciting and important life event. Being a first time home buyer means that you will have many decisions to make - and just as many questions that need answering. To help simplify this process, we have included some information that should be helpful to you. No matter what stage in the home buying process you're at, we have all the information you'll need along the way. Just call one of our mortgage professionals and they will be happy to assist you.
When purchasing a condominium you have the benefit of paying one monthly fee to cover all regular maintenance cost, plus you are free from yard work and all other outdoor chores. The steady monthly costs make it easier to budget your money accordingly. The downside may be that you are subject to the rules of the condominium, plus you have little control over the monthly condo fees which are in addition to your mortgage payment.
If you choose resale, do you want a home that's ready to move into or a fixer-upper? If you have the time and inclination to renovate, your home will certainly reflect your personal style, but it takes a considerable amount of planning and patience to see it through
Make sure to consider all of your options and make the choice that fits best within your budget, lifestyle and future plans.
What can I afford?
Home ownership should fit into your lifestyle, but it should not become your lifestyle. Many buyers take on more debt than they can manage and quickly find themselves "house-poor" - meaning they have nothing left over at the end of the month. To get an idea of how much you can afford, check out our mortgage calculator or contact any of our mortgage professionals .What type of house makes sense for me?
When it comes to buying a home, there's a wide range of choices that have as much to do with your personal preferences as they do your finances. House versus condominium, new home versus resale, these are just a few of the choices available to you as a new home buyer.House vs. Condominium
Purchasing a house can mean the freedom to decorate and renovate as you see fit. You only pay for amenities and utilities that you use instead of paying a condominium fee that may cover things you do not use. Owning a house is a lot of work, you are responsible for all maintenance, repairs and general up-keep the house and property requires. Expenses may vary month to month which can sometimes make it difficult to accurately budget your money.When purchasing a condominium you have the benefit of paying one monthly fee to cover all regular maintenance cost, plus you are free from yard work and all other outdoor chores. The steady monthly costs make it easier to budget your money accordingly. The downside may be that you are subject to the rules of the condominium, plus you have little control over the monthly condo fees which are in addition to your mortgage payment.
New Homes vs. Resale
New homes are often more energy-efficient and you may have the opportunity to customize many of the features such as tiles, flooring and fixtures. However, resale homes are often located in established communities giving you a chance to get a better feel for the neighborhood and its amenities such as schools, transit, shopping and entertainment.If you choose resale, do you want a home that's ready to move into or a fixer-upper? If you have the time and inclination to renovate, your home will certainly reflect your personal style, but it takes a considerable amount of planning and patience to see it through
Make sure to consider all of your options and make the choice that fits best within your budget, lifestyle and future plans.
Should I get pre-approved?
Yes. Once you have decided that home ownership is the right option for you, it is important to know just how much you can afford to spend. Many real estate professionals will only show you homes if you have a pre-approved mortgage. This way they can insure that you are looking at homes within your price range. To find out how you can get pre-approved, please contact any one of our mortgage professionals . Be advised, that most lenders do not do their due diligence when they issue a mortgage preapproval. A mortgage preapproval should never be considered as a final unconditional mortgage approval.
