Buying your first home? We can help answer those tough questions

The right choice

Buying your first home is a highly significant step in your life and your future, therefore, take care in making your decisions and be on the safe side by seeking the help of qualified professionals. As a first-time homebuyer in Guelph applying for your first mortgage loan, it may seem the easiest way is to visit your bank and sign the forms! However, there is much more to obtaining a mortgage than that; including determining the type of mortgage that is best suited to your particular needs.

Arguably, one of the most important stages as a first-time homebuyer in Guelph is at the start of the process. Get this stage right and with proper consideration and qualified advice, the rest of the procedure should slot into place. You have options regarding the lender, but it’s not just getting the money, it’s all about the help, advice, guidance, and commitment you expect from your provider and personal involvement.

A bank is part of the institutional structure, with set rules and regulations committed to their specific services. Your alternative is a highly qualified mortgage broker who depends on providing their clients with the best possible attention and service, to maintain their business status. Your broker will make their expertise and experience available to you from the very beginning. They will advise and guide you through the buying procedure, to its successful conclusion.

The procedure

As a first-time home buyer in Guelph, it’s important that a broker establishes your financial position that reflects your borrowing capacity. Basically, it determines the maximum sum you have the capacity to borrow, generally determined by your income and existing debts. Remember that this review will determine the maximum amount of the loan. Your broker will, however, also discuss with you what you can realistically repay towards your mortgage each month.

Your mortgage broker is paid a commission from the selected lender for introducing you as a client, accordingly you are not charged for their services. They are an independent entity acting in their personal capacity on your behalf and negotiate the best possible lending terms and interest rate to your benefit. Following this personal finance review, you will then receive confirmation from the lending source verifying pre-approval for a mortgage. The letter usually guarantees an interest rate between 60-120 days which confirms to property sellers that you are a genuine buyer.

You then know how much you have available for your first home! Now the future becomes exciting as you set out to find the home of your dreams.