There’s no such thing as information overload when you’re putting together a first time home buyer checklist. If you’ve assembled a team of professionals to help you get that first set of keys and you’ve got questions like , what is a mortgage broker?, we’ve created this list to help you through the process.
- You don’t need to be home poor to own a house. Remember that a first time mortgage will take up a lot of your income, but many financial institutions try and sell you the high end of the amount you’re approved for. Not only can mortgage brokers help you find the right terms for that first mortgage, they can also advise how any home purchase fits in with your other financial goals like saving for retirement. Remember, you need to shop around with the help of one of these professionals and not just accept the posted rate the bank sets.
- Watch out for the conflicts of interest that can trip you up when it comes to the finances that are available for that new house. Real estate agents get paid on commission and they get a bigger paycheck the more you spend. You need to have a solid idea of where you stand financially and how much you’ll need to allocate for other living expenses before you sign on the dotted line for a first time mortgage.
Finally, if the home you’re looking at seems to be too good to be true, it more than likely is and it’s your responsibility to find out what’s wrong with it before you buy. The complete first time home buyer checklist needs to include a thorough and professionally done home inspection, especially when the price makes you wonder at what seems like your fantastic luck.
