There is a lot to know & understand when starting the process of buying your first house. But before you embark on your home buying journey, let’s take a look at some of the most important do’s and don’ts to help you get started on the right track.
First, start by getting organized and ensure that you have all the right documentation needed to begin the process. When working with a mortgage broker, they will also be able to tell you what you will need to have prepared. Don’t try to shop around for your future property before speaking to a mortgage and lending professional as they will guide you once knowing where you qualify.
Don’t try to be your own realtor. Working with a real estate professional and a mortgage broker will be critical in the success of this process. They will assist in identifying your budget, finding the ideal location and the specific type of home you can afford, and most importantly, the best mortgage rate and plan for you. It’s also a good idea to put together a ‘wants’ versus ‘needs’ list when considering your budget.
Finally, don’t keep information from your lending services provider if there has been an unexpected change in your income or financial situation. Your credit will be monitored during the process of applying for a mortgage so it’s best to keep all your information available and organized for your broker.