Becoming a homeowner is Canada right now is getting tougher and tougher. With higher than average home prices, interest rates set to increase further, and new mortgage regulations each year, things are getting more difficult. This is especially true for first-time homebuyers. As a mortgage broker, you want to be able to provide the best service to your clients, and when it comes to first-time homebuyers, helping them navigate the turbulent real estate waters is a great way to do that.
Here is a list of tips from Purview For Mortgage Brokers to give to your first-time homebuyers:
- See as many properties as possible.
- Be realistic. A number of first homebuyers start their hunt looking at properties priced well above what they can afford. Homebuyers should look in the right price range and areas – you can help them determine what those ranges are.
- Be inquisitive. If a place is cheap there is probably something wrong with it.
- Check that everything works.
- Plan the mortgage properly. Having kids, travelling overseas, going back to study, or running away with the circus – work out what that means in advance for mortgage payments.
- Get independent advice from an experienced and knowledgeable mortgage broker who can look at all of the options.
- Pay more than the minimum. Getting mortgage free in 10 or 15 years is easy if one is disciplined about it.
You can find out more about Purview For Mortgage Brokers and helping your new clients here http://purviewforbrokers.ca/mortgage-advice/mortgage-advice-what-should-first-time-homebuyers-know/.
At Teranet, we’ve got the tools that make it easier to provide the highest level of service to all of your clients, including those just entering the world of real estate. Find out more by visiting www.teranet.ca.