ARE YOU A FIRST TIME HOME BUYER?
Are you ready to take that step into home ownership? Sometimes buying a new home can be an exciting, but also stressful and confusing process. We can help make the biggest purchase of your life easier. Before you start looking at houses consult a mortgage broker to ensure you are heading in the right direction. With access to multiple lenders, We’ll help you find the best rates and options for a first time home buyer mortgage.
Get Your First Time Home Buyer Mortgage Today!
When deciding to start the home buying process it’s important to start organizing and getting all your important documents together to ensure the process goes smoothly and quickly. Some of the common documents needed to start and complete the process are: T4, notice of assessments, job letters, pay stubs and bank statements.
Deciding which mortgage is right for you can be overwhelming for a first-time home buyer so always ensure you consult with a professional who has your best interest at heart to help navigate you through the process from start to finish. Getting a mortgage as a first-time homebuyer should not be your headache – leave it to us to find you the perfect one.
CTMS provides mortgage services in Pickering, Ajax, Whitby and other surrounding areas in the GTA & Durham region.
Still have questions? Give us a call or send an email.
Asking Yourself The Following Questions Can Help You In Making a Better Decision
How Much Can I Afford?
The most important question you should ask yourself prior to getting a first time home buyer mortgage would be to assess how much you can comfortably afford. To be in a sound financial situation after a purchase, experts say the ratio of expenses is to have about a quarter of income go towards your home. Anywhere between 25% and 32% is considered a safe area.
Figuring out 25% of your income allows you to narrow down the price range of a home you can afford to buy.
Are There Any Additional Costs For My Home?
You can find many amortization calculators online however most of them don’t include taxes, utilities and mortgage insurance. Being aware of all the out-of-pocket expenses prior to purchasing your new home will save you from surprises after signing the contract.
Every home needs to be maintained and it could range from minor fixtures, appliances issues or major repairs for your home. We always advise everyone to have some money set aside for emergency home expenses as the unforeseen expenses can definitely hurt your pocket.
Will This House Fit My Long-Term Goals?
If you’re a married couple intending to grow your family, keeping the next 5 years in mind would help you in deciding which home to buy. Are you planning to have children soon? Will your parent(s) be moving in? Do you require a home office? You should always factor in the answers to these questions and many others like it into your decision before deciding which house to choose.
What Do I Need to Qualify for My First Time Home Buyer Mortgage?
There are a few things you need to keep in mind before reaching out to mortgage brokers or lenders.
- Lenders like consistency: they need to see that you have been working at a place for over 2 years otherwise you may end up having some trouble qualifying for a mortgage.
- Credit score: a good credit score will allow you to qualify for a lower interest rate, resulting in lower monthly payments. If you have any outstanding balances on your credit cards, paying them off or down prior to applying for a mortgage is always a good idea.
Still have questions? Call (905) 509-8164 or send a message to discuss all your options.
ARE YOU A FIRST TIME HOME BUYER?
Are you ready to take that step into home ownership? Sometimes buying a new home can be an exciting, but also stressful and confusing process. We can help make the biggest purchase of your life easier. Before you start looking at houses consult a mortgage broker to ensure you are heading in the right direction. With access to multiple lenders, We’ll help you find the best rates and options for a first time home buyer mortgage.
Get Your First Time Home Buyer Mortgage Today!
When deciding to start the home buying process it’s important to start organizing and getting all your important documents together to ensure the process goes smoothly and quickly. Some of the common documents needed to start and complete the process are: T4, notice of assessments, job letters, pay stubs and bank statements.
Deciding which mortgage is right for you can be overwhelming for a first-time home buyer so always ensure you consult with a professional who has your best interest at heart to help navigate you through the process from start to finish. Getting a mortgage as a first-time homebuyer should not be your headache – leave it to us to find you the perfect one.
CTMS provides mortgage services in Pickering, Ajax, Whitby and other surrounding areas in the GTA & Durham region.
Still have questions? Give us a call or send an email.
Asking Yourself The Following Questions Can Help You In Making a Better Decision
How Much Can I Afford?
The most important question you should ask yourself prior to getting a first time home buyer mortgage would be to assess how much you can comfortably afford. To be in a sound financial situation after a purchase, experts say the ratio of expenses is to have about a quarter of income go towards your home. Anywhere between 25% and 32% is considered a safe area.
Figuring out 25% of your income allows you to narrow down the price range of a home you can afford to buy.
Are There Any Additional Costs For My Home?
You can find many amortization calculators online however most of them don’t include taxes, utilities and mortgage insurance. Being aware of all the out-of-pocket expenses prior to purchasing your new home will save you from surprises after signing the contract.
Every home needs to be maintained and it could range from minor fixtures, appliances issues or major repairs for your home. We always advise everyone to have some money set aside for emergency home expenses as the unforeseen expenses can definitely hurt your pocket.
Will This House Fit My Long-Term Goals?
If you’re a married couple intending to grow your family, keeping the next 5 years in mind would help you in deciding which home to buy. Are you planning to have children soon? Will your parent(s) be moving in? Do you require a home office? You should always factor in the answers to these questions and many others like it into your decision before deciding which house to choose.
What Do I Need to Qualify for My First Time Home Buyer Mortgage?
There are a few things you need to keep in mind before reaching out to mortgage brokers or lenders.
- Lenders like consistency: they need to see that you have been working at a place for over 2 years otherwise you may end up having some trouble qualifying for a mortgage.
- Credit score: a good credit score will allow you to qualify for a lower interest rate, resulting in lower monthly payments. If you have any outstanding balances on your credit cards, paying them off or down prior to applying for a mortgage is always a good idea.
Still have questions? Call (905) 509-8164 or send a message to discuss all your options.