01/19/2018

Buying a home for the first time is one of the biggest, exciting, and scary experiences you have as an adult. Check out our top 5 tips for first time homebuyers, before you start looking for the perfect home.

Stepper Homes - Townhome Legacy Calgary

1. Find a Mortgage Lender

Before you start looking for a home, find a mortgage lender that you like and trust. They will be able to tell you what you can afford for a home, and what your budget should be. Look at your bank, but don't hesitate to shop around for other options. Just like shopping for anything else, you can get the best deal when you get multiple prices.

2. Get Pre-Approved

Your mortgage is determined by sorting out your Gross Debt Service ratio (GDS). This helps lenders know how much you owe, and whether you can afford the ongoing costs of your mortage. To find out more, visit our Pre-Approval Blog Post

By getting a few documents together, like your last few months of pay stubs, the last two years of tax returns, and a list of debts and assets, you will have what you need to know how much you can afford for your home. 

Pre-Approvals can be good for up to six months, which gives you a lot of time to look for your perfect home in your price range. However, if you switch jobs, buy a new car, or miss any dept payments, you may need to requalify when you are ready to buy.

3. Don't Open Up New Credit Cards or Make Large Purchases

Whether you are pre-approved or not, opening a new credit card or making a large purchase can damage your chance of getting the best rate, or a mortgage altogether. Avoid booking a big trip, buying new furniture on credit, or a new car. 

4. Keep an Eye on Interest Rates

As the economy improves, interest rates will rise. Rates have already risen 3 times in the last 7 months! Each time it goes up, banks and other lenders up their interest rates, which means that you will pay more over the lifetime of your mortgage. However, shop around for the best rate - banks, credit unions, and mortgage brokers could all have different rates. 

 

If you want to know more about buying your first home or our We Win, You Win promotion, contact one of our amazing Areas Sales Managers in one of our sought-after communities:

  • SE Calgary's Legacy Towns - Starting in the $340's - Jeff Cryderman & Dan Cryderman - [email protected] - 403-831-8430

  • SE Calgary's Legacy Laned - Starting in the $390's[email protected] - 403-474-3097

  • SE Calgary's Legacy Front Garage - Starting in the $480's - Josh Anderson - [email protected] - 587-350-5743

  • Heritage Hills Towns, Paired, Laned & Front Garage, Cochrane - Starting in the $300's - Mary Anderson - [email protected] - 403-981-2135

  • Bayview, Airdrie - Starting in the $380's< - Tyler Warner - [email protected] - 403-719-8491

  • Boulder Creek Estates, Langdon - Starting in the $530's -Lynn Desilets & Dennis Burnell - [email protected] - 403-936-3110

  • Kinniburgh, Chestermere - Starting in the $490's - Pat Connelly - [email protected] - 403-460-5820