5 Tips for First-Time Homebuyers to Secure a Mortgage
- Get a real pre-approval Getting pre-approved for a mortgage is an important first step in the home buying process. A pre-approval will give you an idea of how much you can afford to spend on a home. It will also help you determine what type of mortgage you should be looking for.
- Know your numbers Before you start shopping for a home, it’s important to know your credit score. Your credit score will play a big role in determining whether or not you qualify for a mortgage.
- Don’t let FOMO be your main motivation It’s easy to get caught up in the excitement of buying your first home. But it’s important to remember that this is a big financial decision that should not be taken lightly. Don’t let the fear of missing out (FOMO) cloud your judgment.
- Future-proof your buying decision When buying your first home, it’s important to think about the future. Consider things like how long you plan to live in the home, whether or not you plan to start a family, and how much space you’ll need as your family grows.
- Don’t be too proud to ask for help as a first-time home buyer Buying your first home can be overwhelming. Don’t be afraid to ask for help from professionals like real estate agents and mortgage brokers. They can help guide you through the process and answer any questions you may have.
If you have any questions or would like more information about securing a mortgage in Canada, please contact Alex Seleznev at alex.seleznev@cleartrust.ca or call (416) 357-6311. You can also book a 30-minute meeting with Alex at https://calendly.com/alex-seleznev.