The decision to purchase your first home can be both exciting and scary.

Exciting, because you will be owning your own home, and scary, because there is so much you don’t know about this process.

This is why you need professional mortgage advice and I can help you with the many things you need to think about and

answer the many questions you have. I was also a First Time Homebuyer and I understand.

Here are some things you need to consider:

1. How Much Can You Afford

With a pre-approval, I can help you determine how much of a home you can qualify for. Factors contributing to this will be your income, down payment, property taxes, type of property, heat, maintenance fees, if any. The pre- approval will guarantee your rate for a period of 90 -120 days.

We will discuss your expenses beyond your monthly mortgage payments, like property taxes, home insurance, utilities. These may not be expenses you have at this time, but will, in your own home. This gives you a sense of how much it will cost to carry your home.

Having this knowledge, helps you to look at houses only in your affordable price range. It saves both you and your realtor time.

This pre-approval should be done before you start looking for homes.

2. Your Down Payment

It is important to know how much money you have for a down payment, and the source of those funds. It can be your own

savings, or a gift from an immediate family member.

From your savings, lenders will require 3 months bank statements showing the accumulative down payment, and for a gift, they will require their form gift letter signed by the family member who is gifting you the funds. You can also have a combination of these two, or gifts from more than one family members.

The minimum down payment is 5%. It is advisable to meet and discuss where you are in this stage, as it can affect the time you

are able to purchase a home and the amount of home you will qualify for.

Again, let’s have this discussion before you go looking at  homes.

3. Closing Costs

Some home buyers are not aware, or forget about closing costs when calculating how much funds they need outside of down payment, in the purchase of their home. Depending on location and type of home, you may need closing costs of ½% to 4% of the purchase price of the home in order to close on the transaction.

I will help you calculate this and give you a clear

understanding of how much you will require. It is important to discuss this before you go looking for your home.

4. You Need a Team

Several professionals are involved in the purchase of your home. You need a team who has your best interests and needs at heart, and people who you trust to help and guide you.

These include a Realtor, A Real Estate lawyer, a Home Inspector, a Home Insurance Agent.

You can have access to my Team, if needed.

5. What Is Important To You About Your Home?

In my discovery/strategy call or meeting with you, I want to know what is important to you about owning this home,

and how does it fit into your family’s short, medium and long term goals.

I will show you how owning this home can help you with paying off your mortgage in 10 – 15 years, paying for your children’s education and retiring wealthy.

I can help you through this exciting and scary experience. I will share a secret with you – the best sleep you will have is your first night in your first home.