Your Trusted Camrose Realtors
Buying your first home is one of the most exciting and interesting things you can do. Sure, it is a lot of responsibility, but you gain so many other advantages that it often feels like a net gain. However, before you buy your first home, you must give yourself ample time to prepare.
Below, we look at several tips you should consider as you go about purchasing your first piece of Camrose real estate. These include ensuring your finances are in order, as well as your relationship with your bank or money lender.
Your Tips for the First Time
Purchase of Camrose Real Estate
Ensure You Have a Down Payment
The first step to buying Camrose real estate is to ensure you have a down payment. You will need to save a fair amount of money based on how much you are willing to spend. Generally, you will spend between 5 to 20% of the purchase price on your down payment. Although, this is not all you should save for.
You will also want to save for closing costs, such as legal and administrative fees. They may cost between 1.5 to 4% of your total purchase, so ensure you factor these into your calculations and saving plan beforehand.
Get a Mortgage Pre-Approval
Next on the list is getting a mortgage pre-approval. These agreements with your financial institution give you the ability to shop around and choose a home without worrying about whether or not you will be able to pay for the purchase. Your bank or credit union will examine your incoming finances, any outstanding debts and your credit rating to determine the amount you are eligible to borrow from them.
Work with a Realtor
The final, and most crucial tip we can offer, is that you work with a realtor. The real estate market is fraught with rules and regulations that many people are not aware of, and the best deals are often only possible with the skillful touch of a competent realtor. Plus, they provide helpful advice and information about potential homes and residential areas, which in turn gives you better information to select your dream home.
See how you can benefit from a realtors service by contacting Coldwell Banker Realty today!
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