Mortgage Broker Architects and Your First Home
Through a lot of hard work, you’ve paid off your loans, paid of your credit cards and somehow saved enough for a down payment on a house. After searching through countless listings and attending numerous open houses, you’ve found your first dream house. Now the clock starts clicking on closing your mortgage deal and all that fine print is going to be clear as day. That super low mortgage rate you’ve heard about on the radio or seen online comes with restrictions that include high fees and even higher lump-sum payments. Don’t let the slow economy fool you, it’s a buyers market in Calgary and you need to arm yourself with knowledge, especially if you’re buying your first home. There are three key areas you should consider:
Get all your documentation and financial statements in order. It’s vital that you have the following:
- Up-to-date information on your credit score
- Tax assessments of 2 years
- Examination of all your income sources
Often first time home buyers exhaust all their savings on the down payment and the first mortgage payment, however, they still need to cover the cost of legal fees, land transfer taxes, mortgage insurance and potential condo fees.
A French writer said it best, “a goal without a plan is a wish.” This is where I excel as a mortgage broker. I’ll make a blue print of what you need in order to have your first mortgage application approved and ensure that there are no hidden surprises in the fine print. I’ll explore all the options with you that include the following:
- Fixed-rate mortgage
- Variable-rate mortgage
- Difference between closed & open mortgages
I’ll complete an honest assessment of your income growth over the next five years and determine if you would benefit from increased payments that would allow you to payoff your mortgage faster.
If you’re planning to start a family, or if there is a possibility you will relocate to a new city, you have to remember that breaking a mortgage comes with a penalty. You can look into a home equity loan, which can help in case of emergencies, renovations, or if your family expands unexpectedly.
If you’re planning on buying your first home in the near future and need help drawing up a plan that will ensure that you reach your goals, consult with mortgage broker Tim Lacroix today in Calgary at 403.648.1541.