The number one tip I give to all first time buyers…
If every first-time homebuyer knew this, the real estate world would be a calmer place!
Whether you’re just embarking on your first real estate journey, or are looking forward to it in the future, here’s the best tip a real estate agent can give you:
Know your finances!
When you understand your financial situation, you’ll make smart, informed decisions quickly, which will benefit you throughout the real estate process.
Here’s some great things to familiarize yourself with:
Your credit score: if it’s low, spend time improving it before starting to buy a house. This will help you get a better mortgage rate! If it is above 680, you are usually marked as in great standing!
Your income: this will be the basis of any home-buying budget, so understand exactly how much you bring home. Have NOAs ready to hand over to your mortgage provider!
How much you owe in debt: this amount will impact your budget and interest rate. The biggest hurdle we see when getting a larger budget is people’s car payments. If you are planning to buy in the next couple years - avoid getting that payment!!
Once you understand your finances, you can take that information to lenders and get pre-approved for a mortgage.
This pre-approval helps you shop within budget, which will save time, and give more appealing offers, which will help you win in multiple offers.
Based on this, you can see why knowing your numbers can have a big impact!
If you are looking to buy a home I recommend reaching out to a mortgage agent first to either get pre-approved, or make a plan with them to get you on the path towards pre-approval. Amanda Walczyk is my go-to mortgage agent and is always one call, text or email away to answer any questions you may have!
And as always, if you have any questions about the market or you are ready to dive into the spring market, you can email me at hello@athomecompany.ca or can fill out my Buyer Survey to get started!
Happy House Hunting!