Everyone should have a safe and affordable place to call home.
The first time you buy a house can be exciting and confusing. How to finance your first home is one of the most significant decisions people will make in their lives.
So, where do you start?
Saving for a down payment is often what people think of first. But choosing a mortgage provider you trust can make a huge difference in what type of home you are able to buy - and your overall satisfaction with your living arrangement.
Your mortgage broker can drastically change your timeline for being able to end the cycle of renting and get into your new home. Find a broker who will listen to you and identify the steps you need to take to achieve that down payment in the easiest way possible.
Should you find a mortgage broker or bank representative?
A progressive and secure mortgage can be the cornerstone in the foundation of your overall financial wellbeing. You can go through a credit union or a bank, or use a mortgage specialist at a brokerage firm like ours. Here’s how they compare:
| Broker | Bank | |
|---|---|---|
| Many financial options | can specialize a plan to fit your needs | but usually still offers a one-size-fits-all approach |
| Convenient | always will make time to respond personally to you | many locations, but are often big, busy and have limited hours |
| Personal Service | always gets to know you and passionate to help you get ahead | reps may change often and want to keep you on the same plan |
| Best Rates | can “shop around” to get you the lowest interest rates | tied into what their centralized system offers |
| Adaptable | can change more easily when needed | often locked in for longer and wants to maintain the status quo |
All the ins and outs of financing your dream home can be overwhelming, but for a mortgage broker, it’s their passion. Because mortgages are their entire profession, they can guide you to the best possible outcome.
Pre-Approval
You may have already seen a few houses or made a few notes as to where you want to live. Most of us already had an idea of what our first home “should” be before knowing what our first home “could” be.
Pre-approval means you get a solid idea of the mortgage you can afford, in writing, guaranteed for around 90 – 120 days. This is long enough to do a decent amount of house-shopping and, if you find something you like, starting the process toward your offer to purchase. A Letter of Pre-Approval can be presented with your Offer to Purchase when it is time to buy your new home and can sometimes be the deciding factor on if the seller accepts your offer or not.
Programs and Rebates
With your first mortgage there are programs and rebates to help. From the First-Time Home Buyer Incentive program, to the RRSP Home Buyers Plan (HBP), Federal First Time Home Buyers Tax Credit, and more, there are many federal and provincial programs and rebates available to help first-time homebuyers.
We have the full list of these useful services and we can advise you if you qualify, so you have the confidence to begin house shopping - and have fun doing it!
Your Offer to Purchase and Full Mortgage Approval
When you’ve been pre-approved, found your dream home, and have your Offer to Purchase in progress, you’ll know you’re ready to buy. We’ll help take all the details of your purchase down to a simple, stress-free process. When you see a set of real numbers to factor into the equation, you can make a clear decision about your home financing. This is where the process goes from dream to reality, and will give you pride and peace of ownership.
Less Stress, from Beginning to End
If it’s your first home and mortgage, you’ll want to have peace of mind knowing you’ve gotten the best guidance possible. The team at Castle even provides a “Mortgage Timeline” and shows you all the steps to take to make sure your mortgage is secure – so there are no surprises.
A fresh start does not have to mean breaking the bank, and by utilizing a mortgage specialist you get the education you need, the best rates possible, and the firm footing to step out with confidence.