Important Questions For First Time Home Buyers

How Do I Get Started Buying A Home?

You can get started today by thinking about your financial picture. Ask yourself the important question about whether you’re ready to make the commitment to own a home. Remember that help is always just a phone call or email away with Best Rate. Denise and Chantal, our mortgage brokers at the Best Rate, are friendly and easy-to-talk-to professionals that can help answer all of your home buying questions.  How much can you afford in a monthly mortgage payment? How big does my house need to be? What areas of the city do you like or dislike? When you answer these questions, compile your “To Do” list and start figuring out the answers. You may decide to separate your “must-haves” and “nice-to-haves” in order to prioritize your home buying goals. It’s always helpful to get the input of others, so talk to friends and family, drive through potential neighborhoods, and look in the “Homes” section of the newspaper. Mortgage brokers are in a unique position when buying a home because of their experience and connection to the housing market.

Does Buying A Home Compare With Renting?

Many times owning and renting don’t really compare at all. The main advantage of renting is being free of maintenance responsibilities. But by renting, you lose the chance to build equity in your asset, protect yourself against rent increases and you miss out on enjoying the pride that comes with ownership. You may not be free to decorate your living environment and you may be at the mercy of the landlord’s restrictions.

Home ownership has many benefits. As you pay your mortgage, you build equity. That’s an investment. Many people like you, choose the freedom, stability, and security of owning your own home. The Best Rate Mortgage Brokers help you get the best mortgage options and rates to make your dream of home ownership a reality.

How Does The Bank Decide The Maximum Mortgage That I Can Afford?

All lenders and banks mainly consider your “debt to income ratio”, which is your gross income compared to housing and other expenses. Other expenses can include long-term debts as car or student loan payments, credit card debt, alimony, or child support. The mortgage brokers at the Best Rate can help you understand what your debt to income ratio is and recommend a mortgage that works best for you. Mortgage brokers can use multiple lenders to get the best mortgage rate and mortgage terms for your situation. Lenders and banks also consider cash available for your down payment and closing costs and credit history when determining your maximum mortgage amount

How Do I Find A Good Real Estate Agent?

The Best Rate Mortgage Specialists can recommend excellent real estate agents who work in your area. Referrals are a great way to meet a number of real estate agents before you choose one that will assist you in your search for a home. It is important that an agent listens well and really understands your needs, and whose judgment you trust. The ideal agent knows the city well and has resources and contacts to help you get the most from your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all of the knowledge and services you need.