Home Buying Checklist For First-Time Home Buyers

Buying your first home can be a complicated process, but you can make it easier on yourself by following a checklist that breaks down the steps.

1. Find A REALTOR

You’re not legally required to hire a REALTOR or real estate agent when you buy a home, but a real estate professional can make it much easier to find the home that’s perfect for you. Real estate professionals are trained in every aspect of the home sale process.

2. Figure Out How Much House You Can Afford

A lender will only offer you the amount that you can afford to pay monthly toward your mortgage. You should know how much you can afford to spend on a home so you can narrow your personal home search. If you come prepared with this figure, you’ll also be helping your real estate agent to find you the properties that you can afford.

3. Find A Mortgage Lender And Get A Preapproval

Next on the list, it’s time to get preapproved for a mortgage. A mortgage preapproval gives you a good idea of how much house you can afford, your interest rate and the type of loan programs you qualify for.

4. Begin The House Hunt

With your preapproval in hand, you can start searching for homes within your budget.

You may have seen “for sale” signs around your neighborhood. Today, most properties will also be listed virtually. You can use online real estate databases to help you find properties within your budget that fit your needs. Your REALTOR or real estate agent will be a big help as you look for homes.

5. Gather Your Documentation

It’s never a bad idea to be proactive. When preparing to buy a house, you’ll need to submit financial documentation to your mortgage lender, so you should have it on hand.

6. Make An Offer On A Property

Once you’ve followed those first five steps, you can now put in an offer to buy a  property that checks all your boxes. It can be difficult to decide how much you should offer, so it’s best to defer to your agent. They’ll compare sales data and other local property values to help you make a reasonable offer.

7. Conduct A Home Appraisal And Inspection

An appraisal only gives you an estimate of how much your home is worth. An appraiser looks at factors like overall property values in the neighborhood and the general condition of the property. Mortgage lenders require appraisals because they need to know that they aren’t lending you more money than your home is worth.

A home inspection, on the other hand, gives you a more intimate look at the inner workings of your home. During this process, a home inspector will walk through your property and test things like the electrical system, plumbing and other amenities.

8. Close On The House

After your home passes inspection and undergoes an appraisal, you’re ready to close. Closing involves signing all the necessary paperwork on your mortgage and taking control of the property.

If you are ready to take the next step in your Mortgage journey, Message me or Schedule your call today: https://calendly.com/beatawojtalik/30min

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How Much Can A 1% Difference In Your Mortgage Rate Save Or Cost You?

The short answer: It can produce thousands or even potentially tens of thousands in savings in any given year, depending on the purchase price of your property, your overall mortgage rate, and the total amount of the mortgage being financed.

By way of example, say that Taylor, a 30-year-old woman who is a first-time home buyer, wishes to obtain a 30-year fixed loan on a new home with a 20% down payment. Below, you can get a sense of just how much that she stands to save given a 1% difference in interest savings on her 30-year mortgage.

As you can see, savings stand to be well over $1,000 in just the first year of Taylor’s home ownership alone. Multiply these savings by the entire life of a 30-year loan, and she’d potentially save enough to purchase a car, pay for a college education, or even make major renovations or additions to the home.

In short, the difference that a 1% increase in mortgage rates makes could add up to tens of thousands of dollars in savings over the life of a 30-year loan term. By doing some simple math, it’s easy to find out if purchasing a home, refinancing a property, or pausing to work on your credit score is the right financial option for you.

If you are ready to take the next step in your Mortgage journey, Message me or Schedule your call today: https://calendly.com/beatawojtalik/30min

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The 10 Golden Rules When Applying For A Mortgage Loan

1. Don’t change jobs or become self-employed.
2. Don’t buy a car, truck, or van unless you plan to live in it.
3. Don’t use your credit cards or let your payments fall behind.
4. Don’t spend the money you have saved for your down payment.
5. Don’t buy furniture before you get the keys to your house.
6. Don’t apply for any new credit cards
7. Don’t make any large deposits into your bank account.
8. Don’t change bank accounts.
9. Don’t co-sign for anyone.
10. Don’t purchase anything until you get the keys to your house.

If you are ready to take the next step in your Mortgage journey, Send an email: beataw@dominionlending.ca

Don’ts for Avoiding Common Mortgage Mistakes

1. Don’t wait until you find the perfect house to apply: Apply for pre-qualification when you know you’re ready to start looking, instead of when you’re “finished” looking. You’ll be better positioned with the seller and avoid potential heartbreak when you are preapproved for the type/price of home you are looking for.

2. Don’t submit incomplete documents or photos of documents: Time is of the essence in the current housing market. Don’t let incomplete documents slow your loan process down. Take time to ensure everything is in order before sending your documents to your loan originator. Likewise, make sure you’re giving your loan originator the forms of documents they need to complete the process.

3. Don’t make large cash deposits or give any large gifts without first talking to your loan originator: Your loan team needs a paper trail of all transactions to show why your bank accounts are fluctuating. Their goal is to ensure your income is coming from legitimate sources and that you’ll be able to pay off your mortgage debts. So, a large change in your finances, either plus or minus, could throw a red flag.

4. Don’t apply for other forms of credit before, during or shortly after your loan process: Multiple credit inquiries in the same time period could harm your credit score and cost you money. If you can avoid double-dipping on mortgage and credit card inquiries, you’ll potentially save thousands of dollars.

5. Don’t pay attention to marketing calls offering mortgage “deals”: An unfortunate reality of running your credit score is that it triggers a barrage of calls from companies looking to sell you a mortgage or worse, steal your information. Don’t let these calls shake you. Know they will come and know to ignore them.

If you are ready to take the next step in your Mortgage journey, Email me: beataw@dominionlending.ca

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Terms You Should Know When Starting The Mortgage Process.

PITI – Principal, Interest, Taxes And Insurance (Monthly Mortgage Payment)

Principal – Amount of the loan paid back each month, reducing your loan amount.

Interest – The interest charged on the loan each month.

Taxes – Taxes charged by local jurisdictions, based on the value of the property (Property Taxes)

Insurance – Insurance due each month for your property like homeowners (Hazard) insurance, etc.

Other costs associated with PITI depend on the loan program and down payment amount chosen.

If you are ready to take the next step in your Mortgage journey, Email me: beataw@dominionlending.ca

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Reasons Why Your Mortgage Application Might Be Denied:

1. Too Much Debt or Too Many Credit Applications: Already having so much debt when applying for a Mortgage can make your lender believe that you are not capable of paying your rates & are not financially stable enough to afford to buy a home right now.

The optimal solution for this would be to pay off as much debt as you can before trying to apply once again. It will also help if your credit applications are minimized as well.

2. Your Credit Score Or History: Your credit score is an important factor that impacts your application.

Make sure to improve your Credit Score to be able to get your mortgage application approved.

3. Your Down Payment: Your deposit may have been too small & your rates calculation didn’t go as planned.

4. You Can’t Afford It: Your lender may have determined that the mortgage you applied for was out of reach for you. This means that the affordability calculations were not made correctly prior to the application.

Want To Discuss More? Send me an email: beataw@dominionlending.ca

Why Use a Mortgage Broker For Your Finance?

EASY: We’ll meet you at a convenient time or place, we can even meet virtually! We take the time to understand your personal situation.

STRESS FREE: We will do the research and compare this with the 100’s of loan products available from dozen of lenders. We’ll present you with some options that provide the best outcome for your circumstances.

QUICK: We can get things moving fast. Once the preferred loan is selected, we do the work of lodging and walk you through the approval and settlement process.

AFTER CARE: We are available any time for queries if circumstances change, and we’ll touch base with you over time, to ensure you still have the right loan for your current situation.

Want To Discuss More? Send me an email: beataw@dominionlending.ca

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5 Myths About Buying a Home

Ready to take the leap from renter to homeowner? Buying a home is an exciting time, but many potential homebuyers are hesitant due to common misconceptions.

We debunk these common homebuying myths:

Myth #1: Your credit must be perfect to buy a home: Don’t worry; a lower credit score does not automatically disqualify you from getting a loan. Many factors are taken into account, such as your income, debts, assets, and employment history.

Myth #2: You need a certain amount of money in your savings: Generally, it’s a good idea to have a decent amount of money stored away in your savings to help with a down payment, closing costs, and to have available in case of an emergency. However, there is no set amount you need in your savings account to apply.

Myth #3: It is less expensive to rent: Renting and buying both have their benefits and, depending on your situation, one might be a better option for you than the other.
Buying offers the possibility of lower monthly payments and your monthly principal and interest payments will stay the same for the life of a fixed-rate mortgage. In addition, owning a home allows you to build equity, which is wealth you can use to reach your financial goals!

Myth #4: A 30-year loan is the best option: Although many first-time homebuyers elect for a 30-year mortgage, it’s not the only option worth considering. A 15- or 20-year home loan provides a great way for you to spend less money on interest. You just want to make sure this option works well for your budget. A shorter loan term does mean higher monthly payments, but your interest will be lower.

Myth #5: A 20 percent down payment is mandatory: Generally, the more money you put down on a home the better off you will be in the end. While 20 percent is considered the ideal amount – as you will have less to pay back and you will not be spending as much on interest over the life of the loan.

Want To Discuss More? Message me or send an email at beataw@dominionlending.ca

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How To Get A Mortgage Loan Approval?

Step 1: Mortgage Pre-Approval: The lender reviews your financial situation to determine how much they are wiling to lend.

Step 2: House Hunting & Offer: The home buyer locates a home, negotiates the price, and signs a purchase agreement.

Step 3: Loan Application: The borrower completes a loan application with information about the home being purchased.

Step 4: Mortgage Processing: The loan processor gathers all of the information needed for the loan and creates a file.

Step 5: Mortgage Underwriting: The underwriter analyzes the loan file to determine if it should be approved or denied.

Step 6: Approval & Closing: The underwriter issues a final approval, and the home buyer attends closing to finalize the deal.

Do You Have Any Queries? Send me an email: beataw@dominionlending.ca

14 Mortgage Questions to Ask Your Lender

These mortgage questions will help you find the best home loan from the right lender:

1. Which type of mortgage is best for me?

2. How much down payment will I need?

3. Do I qualify for any down payment assistance programs?

4. What is my interest rate?

5. What is the annual percentage rate?

6. Are you doing a hard credit check on me today?

7. Do you charge for an interest rate lock?

8. Will I have to pay mortgage insurance?

9. What will my monthly payment be?

10. Do you have an origination fee?

11. What other costs will I pay at closing?

12. How — and how often — will I be updated on the loan’s progress?

13. Do I have to sign all the paperwork in person?

14. How long until my loan closes?

Do You Have Any Queries? Call me or shoot me an email: beataw@dominionlending.ca

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