Often the purchase of your first home is the first big investment in your life. To make the most informed decision it is important to prepare and have the most knowledgeable and experienced team behind you. A mortgage broker is a great place to start and can make sure you get the best deal possible. At Verico Brokers for Life, we have a lot of experience in guiding first time home buyers through the process. Planning is key.

Your Step-by-Step Mortgage Guide
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1. Get pre-qualified instead of pre-approved.
   Pre Approved with a mortgage broker determines what you can afford, but pre-qualified takes this one step further and helps sellers feel confident in your ability to pay the price you offer.


2. Find the right mortgage broker and real estate agent.
   Make sure you find an agent who specializes in the neighbourhood or type of home you are looking for and that both your agent and mortgage broker come with strong references. Your mortgage broker should also have experience with first time home buyers to get you the best rate and deal.


3. Make sure you are you ready to buy.
   This means having the financial resources in place (a 5-20% down payment is usual) and that your life is stable enough to settle in one place and build equity in your home. To rent or buy is the classic first time home buyer question. Our rent vs buy calculator will help you figure out which is the best option for you.


4. Be aware of breaks for first time home buyers.
   There are government programs and grants available for those who have never owned a home before, like the Canadian federal government's First Time Home Buyers' Tax Credit or the RRSP Home Buyer's Plan. Make sure you are working with a mortgage specialist like those with Brokers for Life who have experience with these programs.


5. Have all the necessary documentation ready.
   Your mortgage broker will need documents to verify both your income and down payment to apply to mortgage lenders on your behalf.


6. Understand the extra costs.
   First time home buyers are often surprised by the "additional" expenses required. Closing costs include fees for surveys, inspections, taxes, lawyers, insurance and more and can add between 1.5 to 2.5% to the purchase price of a home


7. Get everything in writing and read thoroughly.
   Your mortgage broker will help you find the right lender (a bank, credit union or mortgage lender) and mortgage and get the details in writing. Make sure you read these documents and all others related to the purchase of your property and get a professional to review them as well.

Get the best interest rate and options possible for first time home buyers' mortgages. Contact Brokers for Life today to learn more – online or call us toll free at 1-866-902-7771 - or get started right away and apply for a preapproved mortgage online.