Home Buyers Guide

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Home Buyers Guide

How to Buy a House

Many people out there are buyers of houses for the first time in their lives, and they need a home buyers guide such as this one. We are going to talk a little bit about budget, the process, and common mistakes.

Home Buyers Guide – The Players and Budget

A closing notary, lender, mortgage broker, home inspector, and a realtor are some of the people involved in this process. However, you should find out how much money you can afford so that your goals can be reached. Know up front how much you will spend on interest rates, down payment, debt and other expenses. Go shopping for a mortgage loan after finding out how much you can afford. After comparing lender’s different rates, get a pre-approved loan.

Home Buyers Guide

The Mortgage

A mortgage is an essential part of buying a house, and this is especially true if you do not have all the money required. Go shopping for the best mortgage by comparing rates and fees from different lenders, and the help of a mortgage broker can be useful thorough this process. The CMHC site will provide you with the list of lenders that are especially convenient for a first-time buyer. Consider getting a mortgage from either an alternative lender or a conventional bank.

Avoid Common Mistakes

– Asking just a few questions.

Rookie buyers just ask bankers and lenders a couple of questions, and they miss out on awesome deals down the road.

– Slow decision process.

A buyer of a house must make up his mind about the money to pay for a particular property, so avoid this mistake at all cost.

– They do not think a lot about reselling.

Think about the reselling price of the house, because most first-time homeowners just stay on the same place for a couple of years.

In this home buyers guide, we have talked about many important aspects of the mortgage process. You have to make sure that you can afford the property that is for sale.

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