Buying a home for the first time is a major commitment. As a new homebuyer, it is important that you are prepared to take on this responsibility. Your local mortgage broker in Abbotsford has created a list of the top 6 items to be prepared for if you want to buy your first home.
- No more debt:
Paying off all existing debt will help you qualify for your mortgage as more of your income can go towards your mortgage payments. The more debt you have the less that lenders will be willing to give you towards a mortgage.
- Good credit score:
If your credit score is higher you will receive better rates on your Abbotsford mortgage. If you are in good financial standing and have an excellent credit score this will give you a much better chance to purchase your first home.
- A steady job:
The longer you have been with your current employer the better it will look when applying for a mortgage. Most lenders prefer you to be with your current employer for at least two years however exceptions can be made. This shows you have a steady income and are financially prepared for homeownership.
- Raise in income:
If you have recently become promoted at your job then this will help you to qualify for the mortgage that you are looking for. Lenders can look at using your new income immediately if it is fully verifiable. Owning a home is a large financial commitment so the more financially prepared you are the easier it will be to qualify.
Be sure you have savings set aside before you purchase your first home. This is so you can afford to pay your down payment, closing costs and any potential unexpected expenses down the road. The more you pay towards your home’s purchase price the longer the amortization you can get which will, therefore, lower your payments.
- Long-term commitment:
When you are buying a home for the first time with a smaller down payment you should be prepared to stay there for some time. Often times people who try to sell their home shortly after buying end up losing money due to costs such as real estate commissions, transfer tax, and legal fees.
Our team at Your Mortgage Source would love to work with you and help you achieve your goals of becoming a homeowner. We can help finance your new home and supply you with the best British Columbia mortgage on the market today. So don’t wait. Call our office at 604-556-3893 to get started on your application today.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.