Moving home is said to be one of the most stressful things that anyone can do. However, when you are looking to purchase your first home it is not just stressful, it is daunting, scary and incredibly exciting! Unfortunately, this heady mix can leave you missing the right deal or even failing to do your homework properly. There are many mistakes made by people looking for their first time home buyer mortgage; these are often a result of a lack of knowledge as the entire experience is new to them.
Before committing to a property or a specific finance deal it is important to consider a few basic details:
Your first instinct regarding financing your home will be to either visit your bank or go to the agent recommended by your real estate agent. They will both be able to supply you with a first time home buyer mortgage; however, they may not secure you the best deal on the market.
To ensure you get the right deal for your circumstances, without spending days trolling through internet pages, you need to utilize the services of a reputable, independent broker such as oemortgage.ca. This firm will take a note of your personal financial situation and check the market for you to find you the best deal at the right price. You will often find that an independent broker can secure a better deal than your standard broker; this is simply due to the way the mortgage Companies work behind the scenes.
Every finance offer will have a range of small print attached to it. This is important and your broker should take the time to explain all the details to you. There will probably be conditions and a penalty due if you repay the mortgage early, especially if it is at a fixed rate. You may also find there are charges and options to review and change your interest rate. You must be certain that you understand all the fine print before you sign your first time home buyer mortgage agreement.
There are often special offers from mortgage firms on first time home buyers mortgages as well as grants or other incentives which can be secured from the government. It can be well worth checking out what you may be entitled to as it can make a difference to the property you can afford, or even the one you choose to buy. These offers are not always well publicized, but a good broker like OE Mortgage will help you understand what is available and whether the proposed option is the right one for you.
Finally, it is important not to rush when purchasing your first property of obtaining a first time home buyer mortgage. Even if you are turned down by one firm there will be other options open to you. The process and routes to obtaining the mortgage deal you need are different for everyone; there are a lot more options than you will initially be aware of. The best approach is to use your personal broker and seek the advice of family and friends; especially those who have had mortgages before. Their experience may be different but they can warn you about obvious mistakes and potentially save you money.