My Mortgage Blog

Scary maybe; but it doesn't have to be. Making the move from renting to home ownership can be both exhilarating (and fearsome). I remember buying my first home and feeling extremely proud of what we considered our "first act of adulting", while also feeling like I wanted to vomit (just a little). Oh, the highs and lows of this very important decision.

You know what makes the decision a whole lot easier? Being Prepared. There is no need to take a leap into unknown waters because there are professionals like me who have these waters charted.

Here's one mortgage broker's sage advice on preparing for your first (home) purchase in three easy steps:

1.Know where you are to know where you are going.

Having an understanding of things like your credit score, what costs you can expect above and beyond your down payment, current debt load, your level of comfort for that debt + house expense, what you have for savings and where your down payment is coming from are important starting points.  Already overwhelmed? Have no fear there’s professional near!

2. Enlist the services of a licensed experienced professional(s) to sort through the noise.

Your mortgage broker can help you take a look at your credit (make recommendations for any improvements needed), discuss the types of lenders and mortgage products available, help make sense of the new lending rules/how they apply to you, and find you a rate and mortgage to best suit your needs.Know what your purchasing power is before you start trolling the net and potentially falling in love with homes that may fall outside of your monthly budget. What if you do not find that perfect house? Options like Purchase Plus Improvement (mortgages) are available. Ask me what this is!Getting a pre-approval (pre-qualified) is the best way to determine what you can afford based on your current situation and assessment of short/long-term goals.  Your mortgage broker can provide you with a realistic purchase price and description of what you can expect during the different stages of securing your home loan. Having your pre-approval in hand is your best tool for success.Next up? Reach out to a realtor.  Your realtor can walk you through the market you are interested in (city/community) and set you up with viewings for properties that meet your search criteria. This is not their first time buying, so let him or her put their expertise to work for you.

* Be sure to ask these professionals about their experience, check out their brokerage, ask what types of lenders/how many they have access to, how they are being paid and by whom. Be sure your selections are a fit for you. I had no idea what I was doing when I purchased my first house (back before I was a broker myself). I needed reassurance, guidance and someone who knew what all the numbers, options and jargon meant. When I became a broker I knew one of the first things I wanted to do was help my clients get educated. A mortgage is far more than just a number and symbol (% rate). My clients have my ear, my expertise, my time, and plenty of patience to answer as many questions as they can think of. It is a big decision and I want you to feel good about it. I want you to #feelgoodaboutyourmortgage.

3.Set realistic expectations.

You have your team in place and all have a common goal: to get you your first home. It’s up to you to also set some realistic expectations; to balance the ‘what you can afford’ with ‘the property you desire’. Very few of us get to tick off every single box on the mental list of what defines our version the perfect home; especially the first time around, and that’s okay. Know that this is your first rung on the property ladder, hop on and keep on climbing!

Contact me today and we can take this journey together.