Tips for a first home buyer

For a first home buyer, the mortgage processing or the formalities to get a mortgage would be something new. They may be confused about several steps in between. But, never forget to ensure, you are getting the best at a reasonable cost.

1. Always check the selling prices of comparable homes near your dream home.
2. Find the total monthly housing cost including taxes and insurance.
3. Check your credit score as it is one of the most important factors when it comes qualifying a loan.
4. Evaluate assets and liabilities to find how much you could afford.
5. Organize all the necessary documents like two recent pay stubs, the previous two years’ W-2s, tax returns and the past two months of bank statements
6. Ask yourself "How much can I afford?" and fix an amount accordingly.
7. Get an idea of the down payment.

But, self-assessment is not the final assessment as we know. This will only give us an idea about our eligibility. For further details and formalities, it is better to consult a professional like the one providing home buyers mortgage in Alberta . They could help you with the final set of information to get the best mortgage!