FIRST TIME HOME BUYERS
First-time buyers should get pre-approved months before making a purchase so they know know their price range and have a rate guarantee in place.
To learn the importance of a full pre-approval, please visit our section on Applying for a Mortgage.
First-time buyers should be prepared for the other costs involved in purchasing real estate. For example:
Deposit - a deposit is given with an offer to purchase and later becomes part of the down payment.
Down Payment – usually a percentage of the purchase price. Please see our section on Down Payments. There are different rules and guidelines depending on what percentage is being put down. We can help advise you regarding your best options.
Closing Costs – are fees charged by government and lawyers processing the real estate transaction. The amount depends on the property value and you should budget at least 1.5% to 2% of the purchase price.