PLANNING TO OWN YOUR FIRST HOME?
January 8, 2019 | Posted by: Mortgages By Marbelle
PLANNING TO OWN YOUR FIRST HOME?
Ready to move out for good? Want to stop renting and put your money into owning? Let’s look at how! There are many things to prepare for when buying a home. Below is a variety of topics to think about when you start planning. While not everything is always affordable, Marbelle Financial is proud to offer services and loans, to help you get where you want.
Your First Mortgage
Remember, a mortgage is here to help you. A loan to get you that first home you’ve dreamed of. One important part to think of is how much you can afford - which in turn will be how much your mortgage payments will be. Using an online mortgage calculator can provide you with a quick estimate to help you have a number in mind.
https://www.mortgagesbymarbelle.ca/index.php/mortgage-calculators
Save, save, save
Start putting your money into a savings account, to ensure it will build up before you are ready to buy. When buying your first home it is important to have enough saved so you have a payment ready. In Canada, this down payment is often 5% of the buying price of your home.
From canada.ca, the following rates are:
$500,000 or less 5% of the purchase price $500,000 to $999,999 5% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000 $1 million or more 20% of the purchase price
Meet with a mortgage broker
While there are many components that go into selecting the proper mortgage for you, there is also many competitive rates and payment options to choose from. This can come across rather overwhelming, so this is where it’s best to get some help from a professional! At Marbelle Financial, we are here to help you better understand and take some of the work off your hands. We will simplify the buying process and worry about all the financing details so you can get down to finding just the right property as fast as possible.
Get pre-approved & lock in your rate
Each mortgage application is different - make sure you lock down a rate first, so you can start shopping for homes within that range. You and your real estate agent will know exactly how much you can comfortably afford along with the assurance of a locked in rate.
