Time and again, we at Team Leading Edge try to emphasize the importance of successfully buying a home the first time you do it. Obtaining a home will be one of the biggest investments you’ll ever make in your entire life so pulling it off the first time should be top priority.
Here are 3 things that should guide you in your new venture
1. SET MONEY ASIDE FOR DOWN PAYMENT
Mortgage companies usually require buyers to have 5-10% equity on the property before they lend money.
If you’re still on the process of window-shopping for a new home, try to save as much money as you can. Skip those Starbucks latte or refrain from buying the newest smartphone. Those little savings that you will do on a daily basis will pile up and ultimately help you raise money for a down payment.
2. ALL COSTS MUST BE CONSIDERED
Once you get approved for a housing loan, the monthly mortgage payments will start pouring in. This will be bad news if you still haven’t planned your household budget.
Being a new home owner, you should consider these bills: water, electricity, gas, mobile plan, cable, telephone, groceries, car payments.
Neglecting your other obligations will potential put you in a situation where you will end up homeless!
3. CHOOSE YOUR LENDER WISELY
There are a great number of mortgage lenders available to choose from in Edmonton. You must select the most established, reputable, trustworthy and prominent amongst them, Team Leading Edge recommends a few here: Edmonton Mortgage Lenders
Remember, your mortgage lender should help you find out how much you can really afford and give a flexible financing option. The mortgage must be tailored fit to your lifestyle.
Keep in mind that house hunting should ultimately be fun and enjoyable! So once you do the 3 things that we discussed here, don’t stress too much anymore, okay?!
If you’re ready to buy, Team Leading Edge can help you go through this endeavor. Call the team today at 780-634-8151.
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Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
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