The “Lucky 7” Resolutions To Buying Your First Home In 2018
- Consult A Reputable Mortgage Broker – Your current situation will be evaluated (free of charge) and you will be given instructions on how to get approved for a mortgage.
- Monitor Your Credit Score – You can log onto a credit score website like Equifax to evaluate your score without penalty, then increase your score by working out a payment plan for any outstanding payments or keeping up with minimum payments on current credit cards.
- Do Not Take Out Any New Credit – Forget about financing a new vehicle or getting another credit card, these will work against your debt ratio and credit score.
- Consider Options For Your Down Payment – There are many options for a down payment like a borrowed down payment, gifted down payment, RRSP contribution, vendor assisted down payment, grant program assistance, as well as good old fashion saving.
- Consolidate Your Debt – You mortgage broker may recommend consolidating your debt to better organize your finances and lower payments.
- Save For Additional Costs – The down payment is not the only upfront cost to purchasing your home, you will want to have extra money available for the lawyer fee, title transfer, home insurance, and any other unexpected costs that may come up.
- Consult A Reputable REALTOR® – It is important to have counsel on how to prepare for purchasing, and what to expect, once your finances are in order and you are ready to start looking at homes.