SEVEN TIPS I WISH I HAD RECEIVED BEFORE BUYING MY FIRST HOME

SEVEN TIPS I WISH I HAD RECEIVED BEFORE BUYING MY FIRST HOME

1. Understand how credit works

I thought I understood how credit works. However, I was wrong. Yes, paying your bills on time is important. But, what is also important is the amount of credit that you have access to. For years, my partner and I refused to increase our credit limit, believing that we were taking the necessary precautions to increase our debt. Rather, it turns out that we were hurting our rating because we were using more of our available credit. Make sure you know your credit rating, but also make sure you understand how it works.

2. Check homeownership programs

There are all kinds of programs that help people like you who want to buy a first home. Provincial (and even local!) Programs can give you a big boost. Some even offer financial assistance or tax breaks. Find out what programs are offered in your area; they could open many doors for you.

3. Know all your assets

I have great news for you: buying a house is getting more expensive. I'm not teaching you anything, and you already know that. But, you might not be sure how much money you can access without fees or penalties. The federal budget published in March 2019 announced that first-time homebuyers were allowed to use more of their RRSPs to increase their down payment. These rules change, so do your research. You will not regret it. visit the property search portal in Dubai for search a better home for you.

4. Know that inspections do not protect you from everything

Make sure you have some cash set aside for repairs early on. Even if you have your home inspected, you will not be safe from oversights, and the inspector or agency cannot be held responsible. Our heater stopped working two weeks after we moved. It's life. Fortunately, we had set aside a sum for the unexpected, as our real estate agent had advised us so well. 

5. Learn the difference between mortgage guarantee and mortgage pre-approval

A mortgage pre-approval lets you know how much you could borrow. But, it's important to keep in mind that pre-authorization is not the same as approving funding. It is only the amount you can afford to pay based on your current income, credit rating, and the information you provided for pre-authorization. The lender must then assess the application, and the property must meet certain requirements.

What do you need to remember? This is because you should not override the financing terms attached to your offer. After all, you have been pre-approved. It would be risky.

6. Know if you need mortgage loan insurance

If your down payment is less than 20% of your home's value (which many of us are), you need to get mortgage default insurance. It's not the cheapest option, but you have the option of including it in your mortgage payment. When you do the initial calculations for your mortgage payments, be sure to include your insurance amount. And don't forget that sales tax is added to your closing costs. This brings us to our last tip ...

7. Plan for closing costs: they are higher than you think

Lawyer fees, land transfer tax, and more ... When you make the purchase, you may have to pay up to 5% of the value of your new home. Save accordingly. Now is not the time to be caught off guard!

Buying a home can be complicated, but there are ways to make it easier. And, if you're like me, you couldn't be without a checklist. After all, what could be more satisfying than crossing items off a list with the stroke of a pen? Go ahead, and print the document, dear new buyers! for more information get help from Stellar Homes, it is the best real estate agency in Dubai.

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