I want to get my first house! Where do I start?
February 19, 2009 10:38 am Employed Persons, First Time Home Buyer, Interest Rates, Mortgage Insurance, Pre ApprovalOver the past couple of months I have had the chance to spend my Saturdays and Sundays at an awesome townhouse condo complex in Calgary.
Brad Logel and his helpful staff will show you around Light House Landing built by Cardel Lifestyles. Feel free to check out their website. http://www.lighthousecondos.ca/public
Many of the people who are walking through the doors are first time home buyers. These people are excited about the idea of getting their own home instead of living with parents or renting. So the first question that I typically hear is “What is the first step to buying a house?”
The answer I always give them is, “Get a pre-approval”.
Getting a pre-approval from a licensed mortgage broker takes about 20 – 30 minutes but will save you an incredible amount of worry and get you on the right track.
What everyone wants to know is how much the lender is willing to lend them but there are many other benefits as well.
- Find out your current financial situation – Many people have a good idea of where their finances are but by giving the application they get to find out with exact certainty.
- Knowing where you are right now lets you know the next steps.
- Find out all about your current credit status
- Figure out the process
- Find out what paperwork you will need to show.
- Find out what your monthly payments will be.
- Get a rate hold.
So the benefits are many and are certainly worth a few minutes of your time. Once you have gone through the process there is no obligation so it really is a no lose proposition.
If you are looking to purchase your first home take the time to get a pre-approval and reap the benefits of the process.
Cheers!
