5 tips for first time home buyers

You’ve dreamed about it and planned for it. Now, you’re ready to make the biggest financial decision of your life! We can help you open the door to home ownership and a better future.
Here are 5 tips to help you in the process of buying your first home:

1. Determine what you can afford

Looking at a mortgage affordability calculator online can provide you with a general idea of the house price range you should be researching.
For the best advice, contact a Mortgage Alliance professional that’s right for you, such as Mortgage Design Group. We can provide you with a free pre-approval which will let you shop in confidence.
Don’t forget to download MOPOLO, our free mobile app, fully equipped with mortgage calculators, rates, and a mortgage application you can submit from anywhere.

2. Prioritize your wants

What is most important to you in your first home? Is it the size, location, or amenities? Make a list, and narrow it down.
Tip: Stop by your local city hall to see future development plans; this could impact re-sale values. Positive or negative, it’s best to find out before you buy.

3. Get a home inspection

Choosing a reputable home inspection company is a crucial part of the home buying process, which is why Mortgage Alliance professionals have partnered with the largest home inspector network in the country.
Depending on the age of the home, you may want to order additional inspections to check for mould, moisture, and termites, as well as inspections of the drainage system and insulation. If may cost a bit more upfront but will result in fewer problems after closing.

4. Ask questions, then ask more questions

When buying a home, be ready with your list of hard questions. We suggest directly asking the seller questions like if they have ever had a flood or leaky roof. Ask them if they have made insurance claims on the house and who did the repairs.
Watch how they answer and be sure to relay the message on to your home inspector and agent. Depending on the answer, you may want to adjust your offer or walk away.

5. Ask about after-sale warranties

Ask what after-sale warranties are available on the home you want to purchase. After-sale warranties will protect you from costly heating, air conditioning, wiring, plumbing or appliance repair bills after closing.
Investing in your own home really is like investing in yourself. Whether you’re recently graduated, just married, or simply tired of throwing your money away every month on rent, you need the services of a top producing mortgage brokerage to answer your questions. Contact us today.

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