If you are looking to purchase your first home, it can be a very exciting time. Perhaps you’ve already dreamt of the features you would like your new home to have and about what kind of neighbourhood you would like to live in. But before you start house hunting, you may want to check out our top tips for first time home buyers in Brampton.
- See a Mortgage Broker
To know what kind of home you can afford, you will first need to get pre-approved for a mortgage. And the best way to do that is to see a mortgage broker. Sure, you might be able to get a mortgage through your bank, but your bank is only going to offer you their products – which may or may not be the best mortgage for you. A professional mortgage broker will take the time to analyze your situation, review different types of mortgages and lenders, and match you with the best mortgage for you.
- Take Advantage of First Time Buyers Programs
First time home buyers in Brampton have the opportunity to access several government programs that can help make their first home more affordable. You owe it to yourself to investigate whether any of these programs is right for you. Your mortgage broker can help you determine which programs you qualify for.
- Have Your Credit Report Ready
While you don’t necessarily need to have perfect credit to qualify for a mortgage, it is true that the better your credit is, the better the rate you will be able to get on a mortgage. If you are a year or so away from buying your first home, take any necessary steps to improve your credit rating. Even if you think your credit rating is good, it is a smart idea to check your credit report with TransUnion and Equifax. Credit reports can (and often do) have errors on them, and the earlier you discover any mistakes, the sooner you can have them corrected.
- Plan for a Big Down Payment
Oftentimes, the larger down payment you can afford to make, the better interest rates you will be able to get on your mortgage. If you can save 20% or more, you will be able to save even more money since you’ll be able to forgo mortgage insurance.
- Submit a Complete Mortgage Application
When first time home buyers in Brampton apply for a mortgage, they can make the whole process go much more smoothly if their application is complete and they have all their documents in order. Incomplete submissions often lead to delays and frustration. Your mortgage broker should provide you with a checklist of everything you need.
If you are a first-time homebuyer in Brampton, we would love to help you. Contact Clarity Financial today for a consultation.