subject: Tips For Buying Your First Home In Surrey, Bc [print this page] When it comes to buying your first home in Surrey, British Columbia, or anywhere for that matter, there are a number of hurdles that you may have to go through. If you are unfamiliar with the steps you will need to take when it comes to buying your first home this article is a good guide to follow.
1) Know your credit rating
The deal breaker on almost any mortgage or financing is the shape of your credit report. Knowing how you stand in the eyes of the financial community will help when it comes to looking for mortgage options and negotiating terms and interest rates. There are many options available when it comes to viewing your credit report, such as online organizations and the credit bureau.
2) Understanding mortgages
Before you embark on your search for the right lender, familiarize yourself with the local mortgage and lending laws and regulations. Having a bit of a background on how the system works will help you to decide on who to eventually get your mortgage from and what kind of terms you should opt for.
3) Get a pre-approved mortgage
Now that you have an understanding of your credit rating and the basic mortgage regulations, it is a good time to get a pre-approved mortgage. You'll need a certain amount of money for a down-payment, but getting pre-approved will give you a better understanding on how much you can afford to spend on your first home. Better still, when it comes to purchasing a house, having a pre-approved mortgage will help when it comes to putting in an offer.
4) Needs vs. Wants
Before you even begin your search for your first home, it is a good idea to make a list of your specific needs for your first home and your wants for that home. Based on this list, you will be in a better position when it comes time to look for a house to buy.
5) Working with a Real Estate agent
A good real estate agent can take a lot of the headache out of searching for a new home, as well as all the paper work that goes with buying your first home. They also have access to many resources that you may not be aware of.
6) Searching for a home
There are many tools that you can use at your disposal to find houses on the market, from great internet resources like MLS to real estate magazines to a real estate agent that you have decided to work with. Being able to search for homes is the easiest part of the process. Making a final decision is where the hard part comes into play.
7) Home inspections
Home inspections are not always required, but they are definitely worth the expense. Your real estate agent or mortgage lender may be able to put you in touch with someone that can perform a proper home inspection for you. There may be issues with the home that the current owners are not even aware of, and you do not want to be left with a costly repair bill.
8) Making an offer
It's a good idea to cover the many intricacies of making an offer with your real estate agent. In a market where houses are in high demand there may be many other potential buyers making offers as well, and if this is the home you really want you may have to adapt to the situation.
9) Closing
If everything has gone well with the home inspection and the offer, the next stage is the closing. There may be some final details that your mortgage lender will require, such as home insurance, but for the most part you are well on your way to owning your very first home.
When it comes to buying your first home, there are many questions that will come up throughout the process. Owning a home is a long-term commitment; do not hesitate to ask the questions as they appear. Being well informed on all steps of the process will help you to make the proper decisions.
