First time home-buyer’s checklist
Are you ready for your first mortgage? Don’t jump into browsing properties just yet. Take a look at what you should be doing first.
1. Make sure you are really ready:
- You have a stable job
- You can see yourself living in the same town for the next 5 to 10 years.
- You are prepared for the extra work (and expenses) that comes with homeownership
2 Create your home wish list:
- Write down what’s most important to you now and in the close future – location, size, number of bedrooms etc.
- Check out real estate listings, neighborhood and types of housing to get a feel for what you like and what’s most important to you
3. Figure out what you can afford:
- Go to DMC website and get pre-approved. Within minutes you will know what loan amount is available for you.
- Talk to a loan officer about the possibility to customize your loan terms, qualify for a larger loan and other mortgage aspects that are important to you
4. Understand the mortgage application process:
- Find out what documents you will need to submit
- Calculate what other expenses there will be
5. Find your dream home
- Search for a property yourself or seek assistance from real estate agents
- Ask your friends, colleagues and relatives about their experience with a home purchase. Hear out their advice and mistakes.
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