C o n t a c t A g e n t s . C A
Thinking about buying your first home
With interest rates low, many renters are starting to think about purchasing a home of their own.
How long you plan to live in the home.
Selling a home costs money. If you are planning to sell, make money and move to the next one, will selling cost money and you have to make sure that the house you are buying does appreciate that fast.
The length of time that it will take to cover those costs depends from city to city on various economic factors. You need an average of couple years to cover the selling cost, lawyer and moving expenses.
How long the home will meet your needs.
You have to make an honest realty check to list your needs and wants. Average family in Canada lives in a house for 7 years. People tend to remain in homes longer than they initially intend, primarily due to the work and expense associated with moving. Therefore it is worth considering a home with room to grow. Could the basement be turned into a den and extra bedrooms?
Your credit and home affordability.
Is it the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, people with poor credit tend to pay far more to borrow.
To determine how much home you can afford, talk to your mortgage broker, in today's home mortgage market, lenders are making loans customized to a particular person's situation.
Where is the transaction money will come from.
You need money for a down payment and closing costs, with today's loan conditions, having a lot of money saved for a down payment is not always the solution, if you prove that you are a financial risk for the lender. If your credit is not in good shape, but you have managed to save 10-20% for a down payment, you will still a financial risk to a lender.
The ongoing costs of home ownership.
Maintenance, improvements, taxes, and insurance are all costs that are added to a monthly house payment, but will keep adding to its value if it’s kept maintained.
How long you plan to live in the home.
Selling a home costs money. If you are planning to sell, make money and move to the next one, will selling cost money and you have to make sure that the house you are buying does appreciate that fast.
The length of time that it will take to cover those costs depends from city to city on various economic factors. You need an average of couple years to cover the selling cost, lawyer and moving expenses.
How long the home will meet your needs.
You have to make an honest realty check to list your needs and wants. Average family in Canada lives in a house for 7 years. People tend to remain in homes longer than they initially intend, primarily due to the work and expense associated with moving. Therefore it is worth considering a home with room to grow. Could the basement be turned into a den and extra bedrooms?
Your credit and home affordability.
Is it the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, people with poor credit tend to pay far more to borrow.
To determine how much home you can afford, talk to your mortgage broker, in today's home mortgage market, lenders are making loans customized to a particular person's situation.
Where is the transaction money will come from.
You need money for a down payment and closing costs, with today's loan conditions, having a lot of money saved for a down payment is not always the solution, if you prove that you are a financial risk for the lender. If your credit is not in good shape, but you have managed to save 10-20% for a down payment, you will still a financial risk to a lender.
The ongoing costs of home ownership.
Maintenance, improvements, taxes, and insurance are all costs that are added to a monthly house payment, but will keep adding to its value if it’s kept maintained.