First Time Home Buyers
Buying Vs. Renting
- Your home can provide you with some financial security because your home is appreciating in value.
- You can alter your property or renovate without restrictions, ultimately improving your investment’s value.
- The money you make when you sell your home is tax free.
These are just a few reasons why owning vs. renting a home is ideal.
Get A Mortgage Pre-Approval
This means that the lender of the mortgage money will look at all your finances and income to establish the amount of mortgage you can comfortably afford at this time in your life. The lender, based on a series of questions supported by any necessary backup documents provided by you, will give you a written confirmation/commitment for a maximum amount that they will lend you at a fixed interest rate, good for a specific period of time, generally 90 to 120 days. If the rate goes up during that time, while you are looking to find the home you would like to buy, your rate will remain locked in! If the rate goes down, you will get the new lower rate. As your agent, I will show you homes that you can comfortably afford and will not encourage you to live beyond your means.
Helpful List Of Items Your Lender Will Need From You
- Personal identification, such as a driver’s license
- Your employment information & confirmation of salary in the form of a letter from your employer
- Documents supporting other sources of income
- Bank account details, loans and other debts
- Proof of source and amount of down payment and deposit
Other Associated Costs When Buying
There are other associated costs with closing a real estate transaction such as legal fees and land transfer tax (which will vary depending on your location). As a buyer client of Roger Basi, I will ensure that you are well aware of these costs and comfortable with every step of the process!