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WHAT I WISH I KNEW WHEN I BOUGHT MY FIRST HOME

WHAT I WISH I KNEW WHEN I BOUGHT MY FIRST HOME

The Down payment: The single biggest hurdle for home buyers is thinking they need to come up with 20% or 25% of the purchase price of their home before they buy.  Do you know you can buy a home with as little as 5% down!!! In some cases, depending on your credit, purchasing situation or job security that amount can be less or the down payment can even be granted or given to you.  Buying Real Estate in Brockville may not be as difficult as you think.

Closing Cost Were More Than I Expected:  I knew I had to have a down payment, but I had no idea I'd need money for closing costs on top of that! I was so disappointed to find that I had saved enough to buy a home only to be short on the closing cost.  

Many home buyers that purchase real estate in Brockville don't understand you also need money over and above your downpayment to cover such costs as Lawyers Fees, Land Titles Tax, Mortgage Registration and Title Searches... Closing cost can run as much as 2% of your purchase price, sometime more,  If you want more information on closing cost, your Brockville Real Estate Company should be able to answer all your questions. 

Mortgage Insurance?: Most people have heard about or of C.M.H.C.  Canada Mortgage and Housing Corporation provides insurance to Banks incase you default on your mortgage.  Its because of C.M.H.C that Canadians can purchase home with such a little amount of their own money down.  Normally the C.M.H.C insurance fee is added onto your mortgage amount.  No need to come up with this additional fee on the closing day.

Being Pre-Qualified Is Like Having a Credit Card:  You get pre-qualified you get a limit from the bank on how much you can spend.  I was surprised to find out how much I could afford on a mortgage.  For me, I wanted to spend less on a house so I could afford other things like home improvements, going out and having additional money for savings. 

Paperwork was a PAIN: I was so surprised on the amount of paperwork the bank asked for...    T-4s, notice of assessments for 3 years, pay stubs, letter of employment, copies of my bank statements, agreement of purchase and sale, listing feature sheets, amendments, notice of fulfillments, waivers.... I was so glad I had a great Brockville Real Estate Agent to help me through it all. 

Buyer a home was one of the best things I could have ever done for myself and I encourage you to do it yourself.  If you've been considering buying a home, contact one of the professionals at MINCOM Island City Realty Inc. 613-498-2222  or www.min-com.com
 

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