If you are a first time buyer the first thing you must do is educate yourself. If you are reading this then you are definitely headed in the right direction. Below are a few tips to help you along the way to buying your first home.
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First Things to Consider

• If you are a first time buyer, the world of mortgage financing can be very confusing. The first step is to save your downpayment. For houses in BC up to $300,000.00, a 5% downpayment is required. These funds can come from many sources:

  * Funds in an RRSP can be used for up to $20 000 per person.
  * Money saved in accounts
  * Gifts from relatives
  * Other investments, stocks, bonds, mutual fund

  There are strategies to help with the saving of your downpayment and we are always happy to give you a personal consultation to help you in different strategies to save money
  

• Get a pre-approved mortgage. This is a good first step in knowing what size of mortgage you will qualify for and what sort of costs are involved in obtaining the mortgage. It will also allow you to lock in an interest rate before you begin the search for your new home.
  
• Find A Lawyer. Find out what they will charge to act on your behalf. Typically they will charge a fee + disbursements. The disbursements add up very quickly so get an estimate of the total cost of their services.
  
• Find A Good Real Estate Agent. You will be relying on this person to show you the home you will be living in for quite some time so you want someone you can trust. Contact an HMG Mortgage Specialist and we will steer you in the right direction. We have built solid relationships within the industry.
  
• If you are buying a resale home ALWAYS have a home inspection completed! For a few hundred dollars a home inspector will view the home with you and point out any shortcomings of the house.
  
• Builders sometimes bury extra costs into their offers so if you are buying a new home from a builder ALWAYS have your lawyer review the Offer To Purchase before you sign on the dotted line. Your lawyer will point these out to you and quite often you can go back to the builder and negotiate these costs out of the offer.
  
• When you are buying a house the key word is negotiate! This is a great time to haggle, you can save yourself thousands of dollars without much effort.
  
• Consult an HMG Mortgage Specialist about your financing needs! A good broker will save you money and help you avoid the headaches involved in dealing with your bank.
  
  If you follow some of these basic tips you are bound to enjoy your new home! Good luck!

.Click here to contact an HMG Mortgage Specialist or call 604-783-6626