3 Simple New Year’s Resolutions to Owning Your First Home In 2019
- Get The Right Representation – Buying your first home (or any home) without a REALTOR® is like playing Russian roulette. Make sure your agent is licensed with a reputable brokerage, has experience in the local market, is readily available to you, has good reviews from past clients, and is technology literate for proper logistics. Buyer’s representation is traditionally paid for by the seller so there is no reason to refuse the service.
- Find The Down Payment – Whether you need to buckle down on your savings or borrow from your RRSP’s there are always options for a down payment, some just take longer than others. Speak with an experienced mortgage broker to find out your down payment options. Also remember that it is okay to ask your mortgage broker how much experience they have in the field because an inexperienced broker may not be covering all of the bases.
- Lock In The Rate – Mortgage rates are always changing and can make a difference of hundreds of dollars on your monthly mortgage payment. When you get pre-approved for your mortgage, your broker can lock in the optimal rate for up to three months. Even if the rates go down within the three months, you can still opt for the better rate, but at least you are protected if they go up.