Making your First Home Purchase Dream a Reality
Buying a home is more than numbers, dollars and cents. The pride of owning your own home is an incredible feeling and provides a place for you and your family to come together and build memories.
For many, going through the process of buying a home can be overwhelming, if not downright frightening. Talk to anyone considering buying a home for the first time and many will say the same thing: “There is a lot of information, I don’t know where to start or where to turn for answers. It’s overwhelming.
“With all the potential pitfalls, it’s important that you arm yourself with the right tools that can help you navigate the complexities of the home-buying process. Getting the right information and help on the go makes this important purchase easier and less stressful.
Knowledge is Power
While partnering with a knowledgeable realtor and mortgage lender makes a big contribution to a successful home purchase, it’s also important to empower yourself. You’re not alone, but you’re also your best lawyer.
Learn more about the neighbourhoods you might want to live in and think about your daily lifestyle when deciding which area (and type of home) is right for you. Conduct homebuyer training, which is often free and help you prepare to buy a home. The U.S. Department of Housing (www.hud.gov), NeighborWorks America (www.nw.org), and the National Foundation for Credit Counseling (www.nfcc.org) are great resources for continuing education when buying a home. Or check with your bank; some, like TD Bank, offer websites that offer comprehensive information about buying your first home.
Real Estate and Business Partnering with a real estate agent can help make buying your first home more efficient and less stressful. A real estate professional will help you assess your needs and wants in a home and then use this information to narrow the range of available homes in your price range to a manageable group. A real estate professional who knows the region can help you get a better price, negotiate on your behalf, and protect your rights as a homebuyer. Your representative may also be able to make recommendations to mortgage lenders.
Find a Financial Partner, Not Just Mortgage Rates
Just like buying a home, choosing a mortgage provider is more than just terms and interest rates; it’s about finding a company that has the knowledge to “find a lender who is also your financial partner,” says Mike Copley, executive vice president of lending retailers. at TD Bank.
“Your mortgage advisor should work with you to find the right loan solution for you and make the experience as easy and hassle-free as possible. Your lender’s commitment to you shouldn’t end when you close your loan
“Some things to consider when choosing a mortgage lender: Will they support me from application to closing, and beyond? Are there any registration fees? How quickly do I decide on my application? What type of mortgage should I choose? Does my mortgage provider take care of its own loans or can they be sold to another institution later?
Does my mortgage provider have a strong focus on customer service so that I can ensure that my needs are met? The answers to these questions will help you build the right partnership with the right mortgage lender. If you’re an educated consumer and find the right real estate and mortgage team to help you achieve your dreams, there’s nothing to fear. So get out there and find the house of your dreams!