Financing a Home For the First Time
There’s a big difference in having a realtor show you a home you love, then walking through the front door the first time because you own it. At Balance Mortgages we help you make that extraordinary journey by creating certainty at every step.
Here’s how to get there:
Give yourself a starting point. GET PRE-QUALIFIED.
Based on your current situation, know what mortgage amount you qualify for. Not sure? Start by using our special mortgage calculators. How Much Can I Afford?
It’s useful to do some mortgage research.
Before you talk to a mortgage broker consider doing a little research. It can save you time and give you a better idea of what you need to know and the questions to ask.
Get a mortgage broker you're comfortable with.
Truth time. Mortgages can be frustrating, complex and headache inducing. You need a mortgage broker that you can get along with and trust. This is the biggest purchase of your life after all.
Be prepared with what you need to get approved.
Have available all the detailed information your broker requires. Check out our resources on what you need to have and know. What Do I Need to Complete My Mortgage?
Know what you can comfortably afford monthly.
This is not about putting yourself in a corner financially. What can you pay per month out of your available income:
- To maintain the lifestyle you want?
- To avoid putting undue stress on your household finances?
Balance Mortgages Takes Care of You, the First Time Home Buyer
For a first time buyer it’s called, and rightly so, one of the biggest financial transactions most people will ever undertake. Balance Mortgages will take you through the process
Copy of Mortgage Education
We’ll educate you about mortgages, their requirements, rates, open versus closed.
We’ll provide valuable tips and advice on how to manage your money
We’ll cover maintaining good credit, and what to do to improve your credit rating
We’ll discuss how to deal with lawyers, builders and realtors, building inspectors and others
What if you’re turned down for a mortgage?
You thought you qualified for a mortgage but the bank/lender turned you down. As brokers, Balance Mortgages has many more options than most lenders. We’ll examine:
- Why the lender turned you down
- What other options are available to you
What if you don’t think you’re ready?
You really want to get into your own home. The problem is you don’t think you’ll qualify, probably because:
- You can’t handle the down payment
- Your credit rating isn’t where it should be
- You don’t have consistent income
Your assessment may be accurate. But what if it isn’t? At Balance Mortgages we have found ways to put people into their own homes, whether they were first-time buyers, newcomers to Canada, or their circumstances didn’t fit with most lenders’ criteria.
What if you’re self-employed?
If this is you, we need to talk. Government tightened up the rules in 2012, making it harder for self-employed individuals to get a mortgage:
- Lenders want to see solid earnings over a minimum two year period based on tax return assessments
- Self-employed want to use as many allowable deductions as possible to reduce taxable income, limiting taxes to be paid
Working out the most effective strategy to obtain a mortgage requires careful examination of these issues. The team at Balance Mortgages has the required expertise.
We had dealt with Cynthia when she worked with another firm and were so impressed with her knowledge and excellent work that when we were in the market again, we looked for her. She always educated us about our options, which was highly valuable to us.
– Tyler and Caitlin
We appreciate all the work you did for us….It’s been a pleasure working with you. Thank you for helping us during this stressful situation. Also thanks for all your help with our friends, Jim and Arizona. We will definitely refer you to others when we hear of anyone needing assistance.
– Justin and Sally
For Realtors & Home Builders
Does your client need help with their first mortgage? Let us help your clients get the right mortgage to suit their needs and existing lifestyle. Our client education will help you find the affordable home for your clients, while ensuring that they will value your own wok.