Mortgages 101 – Tips for First Time Home Buyers (Part 3)

First off…HAPPY 1ST DAY BACK TO SCHOOL, like the commercial says, “it’s the most wonderful time of the year.”

Congratulations First-Time Home Buyer! You found your home and now it is time to make your offer. Your first-time home buyer emotions are starting to take over, but if you have a good real estate agent and good mortgage broker in your corner, you are way ahead of the pack.

Some conditions you may wish to consider in your offer:

1. As a first-time home buyer, have the vendor provide a survey, if available, for the property. This can save you money when the mortgage lender (mortgagee) requests one upon closing.
2. Be aware first-time home buyer! Rural properties require Well and Water Potability Certificates.

These are only two of many conditions that should be considered as a first-time home buyer. Your real estate agent is experienced in this area and will guide you through other conditions as well.

When the offer is accepted, take the time to celebrate! But don’t forget to proceed to the next step.

If it falls through, return to Step #4.

Remember first-time home buyer, if your first deal does not materialize, it is not the end of the world.

Keep looking, your dream home is still out there.

Once your offer is accepted…it is on to Step 7 and back to your mortgage broker.