This will serve as a direct warning to all our First-Time Edmonton Home Buyer friends. Here are the top things you should refrain from doing when you’re looking for that dream Edmonton home.
- LOOKING BEFORE BEING PRE-APPROVED. Are you already searching for that Edmonton home? Stop! Refrain from doing that! We placed this at the top of our refrain-list because this is the very first thing you need to settle.
You must get pre-approved for a home mortgage first before you even begin searching for that Edmonton home. Why? Because your pre-approval will determine that amount of money you will be able to take out for a loan. You will just waste your time, money and mobile-data searching for homes that you will mostly not afford.
We want you to get started on the right footing and this how your journey should begin!
- UNKNOWN CREDIT SCORE. Okay, this will basically support the first refrain-item we have on the list. This holds extreme significant value, refrain from not knowing your credit score! We’re talking about your financial health here, your credit score is very important for the mortgage companies to know how much to loan to you.
“The lower your credit score, the lower your amount of loan you can take out.”
Here’s a great article from CBC News on “How to check your credit report”.
Also, we’re happy to let you know that Team Leading Edge have partnered with Edmonton’s premier Mortgage brokers, they can assist you in your mortgage needs. You may find them here: Edmonton Mortgage Brokers.
- IGNORANCE IN THE EXPENSE. As harsh as it may sound, you must totally refrain from being ignorant with these matters. That ignorance can be the cause to your financial meltdown in the future.
You must include in your budget the closing costs, such as taxes, down payment, insurance, attorney fees and origination fees. Also, you should not forget your Edmonton homes future maintenance and property taxes.
These are the 3 important things that you need to refrain yourself from doing. Simple but significant. Once you have these registered in your brain, the chances of you flopping from buying your first Edmonton home will be very slim.
As one of Edmonton’s real estate specialists, Team Leading Edge is here to help and assist you with all your Edmonton real estate needs. Dial 780-634-8151 to get started today.
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