Nathan  Loganathan

Nathan Loganathan

Broker

EXP REALTY OF CANADA INC

Mobile:
416-556-9828
Office:
866-530-7737
Email Me

Nathan Loganathan

Broker

EXP REALTY OF CANADA INC

Mobile:
416-556-9828
Office:
866-530-7737
Email Me

First Time Home Buyer Tips & Tricks!

Hey there! If you’re a first-time home buyer, this is for you! 

 

Let’s dive into tips and tricks we have for first-time homebuyers. 

Okay, so first off, there are a couple of things you have to do before you start searching for your very first home. 

You need to determine your budget and get pre-approved for a mortgage. 

We strongly encourage getting pre-approved as the first step you take in the homebuying process. 

To do this, you’ll need to gather all of your financial documents together like your tax returns, pay stubs, bank accounts, and any debt or loan related documentation, prior to meeting with a mortgage advisor or broker.

The mortgage specialist will look through your financials, your credit score and work on determining your ratios as it relates to your income, expenses and your debts. 

Your mortgage specialist will then provide you with a pre-approval based on these factors. This pre-approved amount is what you’ll likely be able to get a mortgage for. Bearing in mind, it’s not a firm approval and rather qualifying you; based on information you have provided as there are factors that may impact this due to market conditions and your personal circumstances. 

Pro tip: Sellers love to see that you’re pre-approved! It can put you ahead of other buyers who don’t have it, and you have leverage in negotiations. So it’s super important to get pre-approved. 

Once you have that pre-approval amount, you’ll know how much you can spend on a house. 
Now, you might wish to spend less on a house, and that’s totally fine! But just keep in mind that you should not go over that pre-approval amount unless you have additional down payment to offset that pre-approval. Important to note that this can be a hard limit for most first time buyers. 

Now that you’ve gotten that out of the way, you can look at your monthly budget and determine how much you wish to spend on your mortgage each month. Remember to include property taxes, utilities, condo fees if any, as well as repairs and maintenance you may need to undertake from time to time. Once you have determined your comfortable monthly budget, and know how much you wish to spend on a house, keep that number in mind at all times, and make a commitment to yourself to stick within budget! 

With your budget hammered out, it’s a good time to make a list of your wants and your needs. The wish list! Now it’s important to remember that this wish list has to fit within means and the budget as well.

This is super important information that you need to have decided on before you start on your home search. We have a great resource on how to do this in the Buyer’s Guide in the link in bio! 

Next, it’s time to find a great agent. We recommend asking around for recommendations and interviewing at least three agents before making a decision. You really want to find an agent who will listen to your wants and needs, use experience and knowledge to find you great listings, and answer questions you have as a first-time buyer. 

After you’ve selected a Realtor® to help you with your home search and you’re ready to start the search, remember that being patient will make your life so much easier. Most first time homebuyers will submit several offers before they have an accepted offer.

We do have lots of tips and tricks to share with you. If you’d like more info and tips and tricks we have, get in touch with us via eMail, phone or send us a DM!

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