Home-buying 101: who to turn to when you’re looking to buy a home
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Buying a home is a big financial commitment filled with so many considerations.
How much home can you really afford? Is there a best time to buy? Which type of mortgage should you choose; and what rate option (I.e. fixed or variable)? What other costs are associated with purchasing a home?
When you’ve got burning home-buying questions, it’s important to turn to a mortgage professional for the answers.
That’s because mortgage agents can offer the kind of insight into the home buying process that no amount of Googling can provide.
Educators Agent-Regional Director, Chris Knoch explains.
“From strategies to maximize your down payment, to insight into how the size of that down payment impacts mortgage programs and interest rate options—when you reach out to an Educators mortgage agent, you’re getting the complete home-buying picture,” says Chris. “It’s the kind of advice not typically common from someone who’s only trained to offer mortgage rates through one company or financial institution.”
Leveraging the expertise of a mortgage agent can save you time, money, and provide a host of other home-buying benefits including:
- Access to multiple lenders and rates: This may include lower rates that are not widely advertised. A mortgage agent can vet multiple lenders and negotiate on your behalf (as they tend to have built pre-existing relationships with them)
- A mortgage customized to your needs: Because they work with multiple lenders, mortgage agents are more likely to find you a mortgage that offers the kind of options that suit your needs best
- Service that’s free to homebuyers: Mortgage agents tend to be paid by the lender, which means there usually isn’t an out-of-pocket fee associated with their services
- Experience: Mortgage agents have assisted clients across a full range of needs, goals, and financial situations—so they’ve negotiated many different types of mortgages (giving them unique insight that’s difficult to be matched anywhere else)
Since mortgage agents live and breathe mortgages, they fully understand the housing market and all of the added costs of buying a home, such as:
- Title insurance
- Property survey
- Land transfer tax
- Home inspection fees
- GST/HST (where applicable)
- Legal fees and related expenses
- Property valuation fee (determining the property lending value for mortgage purposes)
- Prepaid property tax and utility adjustments
- Insurance costs for high-ratio mortgages
- Moving, upgrades, and new appliances
- Mortgage life insurance
- Interest adjustments
- Home insurance
However, home-buying costs and regulations are continually changing.
In the last few years alone, homebuyers have faced everything from the introduction of a mortgage stress test and new restrictions as to when the government will insure low-ratio mortgages—to revised reporting rules for the primary residence capital gains exemption.
This makes the kind of advice that mortgage agents provide, all the more valuable.
They’ve got their finger on the pulse of the latest developments, so you never have to worry about being thrown off your home-buying game. Because in a world that’s seen so much unpredictability as of late, buying a home requires expert support now more than ever.
Are you in the market for your first (or next) home, or do you have a mortgage renewal coming up?
Reach out to the mortgage agents at Educators Financial Group.
No matter where you are on the pay grid or what your pension income is in retirement, we can provide you with the right kind of mortgage based on your specific needs and budget.
Curious as to how much home you can actually afford? Use our mortgage calculator to find out.
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