BUYING YOUR FIRST HOME
Tired of passing your hard earned money over to your landlord? Maybe you've built up some savings and have a down payment, or RRSPs that you want to use or are looking to buy a home with no down payment. No matter what your situation is, I can help simplify the process, answer your questions about all the financing details and keep it simple so you will be in your new home in no time.
Pre-Approval is necessary to ensure you know what you can afford. As a Mortgage Professional, Nereda looks at your full situation and helps you figure out the best plan of action. This allows you to search for properties in your price range. Did you know that if you have a credit score of over 700 you can actually qualify for a greater mortgage amount then someone with a lower then 700 beacon score. Your Realtor will thank you for getting pre-approved.
Fee: Priceless (seriously, I'm paid by the lender).
Tips for Saving for a Down Payment
The biggest stumbling block for most first-time home buyers is coming up with the down payment. Here are a few steps to help you save up for that down payment of your first home.
Have a Savings Goal- As a first-time home buyer, you need to put a minimum of 5% down. Having more funds available is always a bonus, and if you can put 20% down, you don't need mortgage insurance, which is an extra cost.
Cut Expenses & Skip Splurges - Have a budget! Look through that budget and see what you can cut out. Eat out less, cancel TV or streaming subscriptions, buy generic brands. You're not getting rid of them forever, but you can save money pretty quickly if you put them on hold. Skip the big summer vacation for a year or two. If you get a bonus, put it in your savings instead of spending it.
Let Your Retirement Savings Work For You - In Canada you can withdraw from your RRSPs to buy your first home through the Home Buyers' Plan. Putting money into an RRSP is a great way to save for a down payment.
Find Other Income Opportunities - Boost your regular income by finding a side hustle. Do you make something you can sell on Etsy? Maybe you can offer dog walking services. Find work as a virtual assistant. There are plenty of opportunities for a side gig. If you have extra stuff kicking around your house, sell it on Kijiji or Facebook Marketplace.
PURCHASING YOUR NEXT HOME
Your mortgage is not ‘portable’ as you might think ‘portable’ to mean. In fact you need to completely re-qualify under today's far more stringent guidelines for the same mortgage.
Talk to me today, BEFORE you list and sell your current home. For self employed applicants a detailed conversation with review of your documents is important.
I am forever keeping up with the changing mortgage marketplace, this allows me to keep you up to date, to help make the best decision possible. I can help you through the entire process, helping you explore all your options.