Most people see shopping for a mortgage as a big headache, but it can actually be a positive experience to find and finance the home of your dreams. It’s true that you’ll have to shuffle through paperwork and negotiate in order to get the best mortgage rates in Canada, but buying a new home is about the end result, which is creating the life that you’ve always wanted. Keep this in mind, and the rest can be fun. Here’s how to put the “fun” in funding your house.
Set yourself up for a good time.
If you want to have a good experience when you put yourself on the market for a new home, a little prep time is necessary. Before you make any offers, make sure that you have enough saved to make a sizable down payment, which should be about ten to 20 per cent of the total cost of the house. Also, try to get a copy of your credit report so that you can make sure there are no discrepancies on it. This will help you determine how likely you are to get a good offer on a mortgage contract.
Tap into your inner maverick.
When it comes to mortgage negotiations, most home buyers see it as a one-off process. Your mortgage lender may hand you a contract, but that doesn’t mean that you can’t do a little tweaking to make it fit your financial plan. For example, you should always ask about the terms of a fixed-rate mortgage versus a adjustable rate mortgage. You may find that the interest rate offered with an ARM can help you achieve your future goals of buying an even bigger home one day. You should also ask for a complete listing of every fee involved in closing your home to make sure that you aren’t paying additional administrative expenses that you are able to talk your way out of. To make sure you can put on your best poker face, get prepared before negotiations with a look into Canada mortgage rates with Ratesupermarket.
Surround yourself with a good team.
This mainly means your mortgage lender. If you have a lender who sees you more as a number than a home buyer, you should switch immediately. One of the little known secrets of house hunting is that service matters just as much as the bottom line. If you have a lender who makes your entire experience unpleasant, you’re more likely to rush through it and make costly concessions. In general, you should look for someone with at least a few years of experience since he or she will be able to apply what they’ve learned in earlier closings to your house hunt. However, make sure that above all else, you have great chemistry in order to keep the home buying process fun.
Visualize the end goal.
More than anything, you should keep in mind that once this entire process is over, you’ll be able to celebrate by decorating your new home and enjoying being in a space that was meant just for you. To help keep your spirits high during the housing search, just imagine how great it will feel to finally pay off your mortgage. In the meantime, make sure that you have also tailored a plan to help you achieve your goal more easily.
