For the average person, purchasing a home is a significant life goal. It is also one of the most significant investments a person makes in their lifetime. The impact of a bad deal or poorly selected mortgage broker can severely impact your financial position and state of mind. Below are a few guidelines you ought to keep in mind:

Set a realistic budget

You need to make sure you know how much you can spend safely without overextending yourself and your resources. Resolve how much you can afford as down payment (ideally 20% but you can buy for less in Canada if you have mortgage default insurance) and monthly instalments;

Create a wish list

Create two wish lists before you start, one file for things you need and one for something you want in a home. These two lists will force you to prioritize and help narrow your search for the right home. You should consider factors including the size of the house, an appropriate neighbourhood, the number of rooms, etc.

Find a good mortgage broker

Doing things yourself is essential in terms of growth and learning. However, in these troubled times, it might be a better idea to enlist the services of a mortgage broker. Mortgage brokers like Kingdom Mortgages take care of all the leg work and nitty-gritty without you having to leave the house, including getting pre-approval and finding the cheapest mortgages available.

Find the right real estate agent

While this step is certainly not mandatory in Canada, it is advisable. An excellent real estate agent can help you to find the property you want within your budget in your desired location. They can save you a lot of time and will make the home-buying process simpler and more convenient.

Prepare your Checklist

Your real estate agent will be taking you to see multiple homes. Make notes of every home you visit so you can compare them at leisure.

Conduct a thorough inspection

In Canada, the law does not require you to conduct an inspection pre-purchase. However, just as you wouldn’t buy a car without a test drive, don’t buy a house without checking to see how much work you need to do to make it livable for you.

Buying a house for you and your family can be troublesome at the best of times. There are not only financial, but emotional factors to consider as well. Therefore, it is in your best interests to hire a mortgage broker like Kingdom Mortgages. We seamlessly cover your financial needs so that you can worry about the rest.