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Mortgages 101 – Tips for First Time Home Buyers

August 26, 2011

Heading into the fall housing market I thought it would be helpful for all the first time home buyers out there to have access to the various steps that should be taken to avoid potential pitfalls. So over the coming weeks I will be posting some useful tips aimed specifically at first time home buyers. Feel free to email me directly if you have any thing to add or if you would like additional information on a specific topic.

The following outlines the steps you should take when looking to purchase your first property:

  1. Contact your mortgage broker to find out what price range of property you can afford and receive a pre-approval for mortgage financing.
  2. Make a list of the features you are looking for in your home.
  3. Call your real estate agent. If you don’t already have one, get a referral and interview a couple of them. Remember this is one of the biggest investments you will ever make.
  4. Choose a property that is right for you.
  5. Call your mortgage broker to pre-qualify the property and mortgage amount.
  6. Have your real estate agent prepare an offer and present it to the vendor. If it is accepted, then proceed to Step #7; if not, then either continue negotiations or return to Step #4.
  7. Once the offer is accepted, call your mortgage broker and they will complete the mortgage financing details.

Again, the above steps are your basic steps. Over the next couple of weeks I will provide greater detail which will help to explain these steps and hopefully better prepare you for your upcoming home purchase.