THE MORTGAGE MARKET MAZE

Buying a home is the biggest purchase you’ll ever make!

Arranging a mortgage is a huge financial decision, so it’s important to be organized and do plenty of research before you sign on the dotted line. Here are a few points to consider:

  1. Know Your Numbers – A budget will provide confidence and peace of mind, so examine your finances to determine exactly what you can afford.
  2. Lock it Down – Many banks are able to place a hold on interest rates to protect you in case they rise while you’re out house hunting.
  3. Consider This – Interest rates are important but there are other considerations such as the type of mortgage (fixed/variable or open/closed) as well as the loan’s duration.
  4. Get With the Program – Homebuyer programs are a great way to get into the market but they often require a bit of proactive planning so seek professional advice early on.
  5. Seal of Approval – A mortgage pre-approval can prevent you from losing out on your dream home as you’ll be in a much stronger negotiating position.
  6. Do the Math – Current homeowners can also take advantage of mortgage refinancing options as even a slight adjustment to your terms can amount to huge savings!

While it’s important to shop around for the best terms, you should also draw up a proper budget and understand the risks of the current and future market. It can sometimes be a little overwhelming so please get in touch if you ever have any questions.