First Time Home Buyers Will You Buy Your Home In 2014
Another year is behind you and its time to set goals for the new year. We want to hear from you; first time home buyers will you buy your home in 2014? Will this be the year when you will STOP paying rent or someone else’s mortgage?
Mortgage interest rates are at all time lows and if they even do move upwards, it won’t be by a whole lot. This could be your year!
Some things that you can start doing now for when the time comes:
1) Build up your down payment money.Traditionally lenders like to see that you have had your money in your own bank accounts for 3 months. Some lenders even allow you to receive gifted money from your immediate family members.
2) In addition to having enough money to put down for a mortgage, you should always calculate that what ever will be the purchase price of the home you want to buy you should have an additional 1.5% of that purchase price in your accounts. This is to make sure you have enough money to pay for your closing related costs, such as legal fee’s, inspection fee, appraisal fee, tax’s, …etc.
3) Make sure your Canadian credit score is healthy and strong. Best way to do that is to perform your own credit check. It will cost you about $30, but it’s money well spent. You will see exactly what has been your credit activity almost up to the date that you checked it. We’ve even seen cases of fraud or clients who had paid all their debts back but the lending institution had forgotten to report that to the credit bureau’s Equifax and Transunion. If you do notice any discrepancy’s or fraud you will have time to fix it and get your credit all sorted out.
We’d like to hear from you. Leave your thoughts or questions below in the comments section. Or if you have any questions that you wish to talk to us in private with send us a private message by way of our Contact Us page and we would be happy to talk with you.