Monday, April 29, 2013

Kiss Your Landlord Good Bye: How to Buy Your First Home

You may keep telling your landlord about the repairs the property needs but they might not pay any attention to your comments. Or they might ask you get the repairs done yourself. It can be very hard to find a good rental in the Ottawa real estate market.

In recent times, mortgage rates have gotten more demanding and property sales have fallen. However, it is important to remember that buying a house is a long term investment and that the real estate market in Ottawa did not feel the major blow of the recent recession. Once you are done with the mortgage payments, you will own the property.

Nevertheless, this does not mean that you can buy your dream house right away. You have to ensure that you can afford such a home. Also, you may want to consider if the monthly payments of a mortgage would be cheaper than the monthly rent. If you have a steady job and a good credit rating, then you should check with a lender and see what kind of interest rate packages are suitable for you. Also, the amortization period for the loan should be taken into consideration.

Getting a loan can be easy if you have a good credit score and enough capital for the down payment. It is a good idea to get pre-approved by mortgage brokers and lenders. This can help you manage your expectations, speed up the process and ensure that you buy the house you fall in love with. Though it is possible to buy a house with a small down payment, it is a good idea to pay at least 20% down payment.

This will help lower monthly payments and will help you qualify for a loan modification program if you need it down the road. There are times when you might not have the down payment money. Don’t fret! Talk to your mortgage officer or lender and see if they can help you come up with alternatives.

When you buy a home, make sure that most of your monthly earnings are not spent on monthly taxes and mortgage payments. Owning a home requires a few additional expenses like real estate taxes, maintenance and insurance. Other expenses like land transfer taxes and lawyers fee incur when you buy a house. If you are buying resale property, there might be repairs involved. Hire an inspector to do a complete and thorough inspection of the house. Repairs can be costly and you don’t want to spend extra money.

If you follow these steps you can easily buy the perfect home at a great price. Check Bennett Property Shop for an in-depth and complete understanding of the real estate market in Ottawa. The real estate agents at Bennett Property Shop will help you find the type of property you want and at a price that you can afford.
Visit for all your real estate needs.

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