Written by Morteza (Morty) Sadeghi
Getting that first home is a big process. It takes time and effort to get the right information together to make sure you stay on course. Well before you need to know more exacting things like how to calculate mortgage payments, there are beginning considerations you’ll need to get out of the way.
That said, here’s a first time home buyer checklist you can’t do without.
You’ll need to have a ballpark figure of how much money you’ll have to work with and that means getting in touch with a mortgage specialist to get preapproved. Remember, the best of these professionals will be in contact with a number of different lenders who will compete to present you with the best rates and terms.
It’s important to define what you’re looking for and that means having some search criteria. Make up a list of your needs and wants and be ready to match this list against the neighbourhoods and houses you look at.
Consider the extra costs. It’s not all about how to calculate mortgage payments since that’s only one of the payments you’ll need to account for. For many first time home buyers, utilities and even property taxes are new, additional costs they didn’t incur when they rented. Owing a home means you’ll need to set aside some cash for maintenance and repairs to keep your equity in the property up as well.
Having a good strategy will make all the difference when you start looking for a home. Take your time, be patient and put together a first time home buyer checklist that will give you some excellent reference points as you move forward.
