Mortgage Blog
Your Fort McMurray Mortgage Expert
Purchasing Your First Home
May 26, 2020 | Posted by: Barb Pinsent - Trusted Fort McMurray Mortgage Associate
So you are thinking of purchasing your first home and you may be feeling excited, scared, stressed or nervous… getting some tips and advice from a professional Mortgage Broker is a great way to ease negative feelings. Barb Pinsent from Mortgages By Barb says “finding the right home is just part of the process. When purchasing your first home you also need to find the right mortgage to suit your financial situation.”
Here are some of the tips that Barb offers to her clients:
Is now the right time to buy your first home?
You mention that you are ready to buy your first home and everyone you know is suddenly an expert on purchasing YOUR first home.
Everyone will have an opinion on what they think YOU can afford and should purchase.
Go with your gut and rely on advice from real experts you TRUST…
You and only you have to be responsible for this purchase, so knowing if NOW is right for you is the first step…
Ask yourself, why you are buying?
What are the real reasons you are considering buying?
Are they YOUR reasons or those of others?
There are a number of reasons NOT to buy!
If any of these are your ONLY reason to buy, you may not be ready yet and so need to do some more research first:
- I’m doing this cause everyone else is.
- Cause it’s the obvious thing to do.
- I’ve just come into some money.
- If I don’t purchase now I’ll miss the housing market forever.
- Interest rates are so low so this must be the right time for me to buy
- I hate my landlord and paying rent
- I want more freedom.
These may appear to be good reasons to buy but you should be purchasing because it is right for you NOW
Before we figure out how you decide if it is right for you, let’s consider some of the concerns you may have
Do any of these resonate with you:
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Where do I start?
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Can I afford it?
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Will I find the perfect home?
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Will I get a mortgage?
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Do I have to change my lifestyle?
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What if I become house poor?
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What if I lose my job?
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What if I don’t like it and want to move?
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It’s a big responsibility and freaks me out!
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All of these concerns can be overcome with;
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Knowing all the Steps involved
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Taking advice from experts
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Budgeting
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Planning
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And then just doing it!
Here are all the steps to owning your first home:
