Buying a new home is one of the most exciting times in a person’s life. I’ve worked with countless homebuyers over the years, and I never get tired of connecting homeowners like you with their dream house. However, many of the clients I’ve worked with have one primary question on their mind: Am I financially ready to buy a new home?
While getting your finances ready to buy a new home takes a lot of effort, buying your perfect home is well within your reach with the right advice and planning. Here are a few of my best financing tips for buying a new home that will help you and your family purchase the great St. Albert real estate you need.
Mortgage Pre-Qualification
Most of us know that the key in buying your perfect home lies in securing your funding so that you can make an offer. Before you even start looking for your house, I advise that you examine possible funding avenues so that you’ll be able to make an offer when you find the right property for you.
Mortgage pre-qualification is a great way to get your funding in order so that you can start shopping for your new home. All you have to do is to give your lender some simple information—your bank account info, employment records and credit history—and you’ll get an estimation of what level of loan you’ll qualify for.
Conditional Mortgages
If you’ve already found your perfect home but haven’t yet secured your funding, never fear, there is still a financing route you can take that will allow you to make an offer and secure your future home.
A great way for homeowners such as yourself to secure funding and prove their seriousness to a seller is a conditional mortgage A conditional mortgage speeds up the funding approval process and can sometimes even make a seller consider your bid more thoroughly. Apply for a conditional mortgage and you’ll be more likely to lock down your dream home.
Down Payments
Most home buyers I’ve worked with in the past have spent years planning and saving to be able to make a substantial down payment on a home, and this is exactly what I recommend you do if you’re planning on buying a home.
Before you embark on your home buying adventure, you need to make sure that you have your down payment ready. Generally, I advise my clients that your down payment be at least 20 percent of your loan amount—although a larger down payment never hurts. Not only does a sizeable down payment help you secure your home, it keeps your loan payments low.
St. Albert Real Estate
Buying a home, especially if you’re not familiar with the process, can seem daunting, which is why I’m here to help. As an experienced real estate agent, it is my job to guide you through the purchase of your new property. My top advice for buying great St. Albert real estate is partnering with me at St. Albert Real Estate Pro.
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