The spring season is almost upon us. In addition to nicer weather, spring also brings a surge in real estate activity in Simcoe County, with many individuals and young families looking to purchase their very first home. While it’s an exciting process, the search for your first property can also be a little stressful for newbies who are not familiar with the ins and outs of real estate. For those who are on the hunt for their first home this year, here are three helpful tips to consider before your search begins.
Before falling in love with the perfect property…only to find that it’s a little above your price range, it’s a good idea to know just how much you can actually afford. By getting pre-approved for your mortgage amount before your search commences, you can ensure that the homes you view will fit comfortably within your budget. Mortgage regulations in Canada have changed recently, and there are stricter qualifying guidelines for people who apply for a mortgage. Getting pre-approved will help avoid any surprises when house hunting, and will also put your hard-working realtor at ease when they know that you are “good to go” when it comes it financing that new home.
It is, however, important to keep in mind that pre-approval does not mean that you are guaranteed to be fully approved for this amount. For this reason, it’s a good idea to include certain conditions in your purchase offer, including a financing condition.
When searching for a mortgage, it’s always advisable for first-time buyers to shop around. Rather than signing with the first lender you meet, take the time to see what other lenders are willing to offer in order to try and secure the best rate.
A mortgage broker is a great resource for first-time home buyers who may not be sure of all the mortgage options and possibilities that exist. Mortgage brokers also have developed relationships with several lenders and can use these relationships to ensure they secure an interest rate and mortgage solution that’s best suited for their client. Further, mortgage brokers follow specific government regulations, and don’t charge their clients for their services – those fees are paid for by the lenders that approve your mortgage, so you can rest easy knowing you’re in good hands.
Think outside the box
Have your heart set on a house surrounded with a white picket fence? It may be time to think a little bit outside the box when it comes to your housing options and the property that is best for you. Although housing prices have declined recently in Simcoe County, entry-level prices continue to be high, which may price some people right out of the market. Don’t let this deter you. A house is not your only property option. Condos are an increasingly popular opportunity for first-time home buyers. Not only are they a more affordable option that can get you started in the world of home-ownership, they can also include other attractive perks and amenities, such as recreation areas, snow removal, maintenance, and so much more.
Barrie and the greater Simcoe County region are home to several excellent condo developments, as well as several exciting proposed condo developments that will make looking outside the box and considering a condo instead of a house a pretty appealing option.
Have questions about finding the best mortgage solution as a first-time home buyer? As an experienced mortgage broker in Barrie, I can work with you to review your options and help you find the solution that best suits your needs. Connect with me today by calling 705-315-0516 and we’ll set up an opportunity to chat and explore your options.