Your home is going to be the place that you create memories with your family and friends. Buying a home will build a financial foundation for your future. This can be an exciting time as well as a confusing time. We can help make the process feel much simpler as well as be a resource to help you make informed decisions at each stage of the buying process.

Step One: Is Home Ownership Right For You?

Buying a home is one of the biggest decisions you will make. A few questions to ask yourself are: What do you want in a home? What does your current financial situation look like? What are your financial and lifestyle needs?

Step Two: Are You Financially Ready to Own a Home?

Before you start looking for a home, figuring out how much you can afford is key! Your mortgage payment will be your largest expense however, there will be other costs you should be aware of. You won’t want to be caught off guard by any surprises. The more you are prepared financially as well as the more you know what that looks like, the smoother the process will be when you meet with your mortgage broker.

Step Three: Financing Your Home

The time has come to meet with your mortgage broker and talk about the different financing options and look and see if you are prepared to buy a home. The mortgage broker will discuss terms and interest rates and will go over what needs to be done to ensure you are approved for your mortgage, once you find your home.

Step Four: Finding the Right Home

With a clear picture of your finances and mortgage options, now is time to start thinking about the type of home you would like to buy. Look for a home that will meet your needs not just for now, but also 5 or 10 years into the future.

Step Five: Making an Offer and Closing the Deal

The final step! You have a mortgage that works for you and found a dream home that fits your budget. Now it’s time to put in an offer and close the deal!

Final thoughts with making your mortgage work for you, and common terms that your mortgage broker will go over with you are:

• Amortization period
• Payment schedule
• Interest rate type
• Mortgage term
• ”Open” or ”Closed” mortgage

For more information on the home buying and mortgage approval process please reach out to our team! We look forward to talking with you!

Have you wondered how working with a mortgage broker can make home-buying that much more of a personal experience? Buying a home whether it’s your first time purchasing, or you have been through the process a few times, you may find yourself looking to the banks first for mortgage options. When working with a mortgage broker you will find they can often offer better, and lower rate options. Another advantage is that they are not tied to one institution, therefore will have access to many different lenders.

A mortgage lender will take the time to look at your individual needs that you are looking for in the type of mortgage that will be the best fit for you and then connect you with the best lender to fit your needs the best. Your mortgage broker will help you to understand the interest rate, closing costs, and other details of each offer to find the best loan.

Brokerages are often smaller than banks. And if you work with a broker, it’s likely you’ll have more human-to-human contact as the two of you work through your loan application, giving that more personal experience to one of the biggest purchases you will make.

Pros of Using a Mortgage Broker

• More options
• Unbiased advice
• Convenience
• Free service
• Ease of access
• Lower rates
• Licensed