First Time Homebuyer Mortgages Surrey

Considering purchasing your first home? If you’re a first-time home buyer, you may be so much desperate to own a property you can call yours and may need some financial assistance to make your dream of owning a home come true.

When it comes to buying a home, securing a profitable mortgage agreement at a competitive interest rate is the foremost priority you should focus on. This blog provides guidance to help you choose the best mortgage option for a quick first home mortgage approval in Surrey.

  1. Consult A Real Estate Broker

Most of the first-time home buyers find it challenging to understand the mortgage application procedure. Working with a Surrey mortgage broker can be of great help as he/she may assist you in searching and shortlisting the best mortgage offers after listening to and understanding your home buying needs and financial objectives. 

Since brokers have a wide lender network and access to a wide range of mortgage deals available in the market, they can get you the best deal along with government benefits and grants for buying your first home.

  1. Evaluate Your Financial Condition

It’s critical to assess your financial condition before getting into a home-purchasing deal. This helps in avoiding any financial stress. Examine your credit score and find out whether you have a good or bad credit. Also, ask your local broker about what credit conditions you need to meet to apply for a residential mortgage in Surrey. A higher credit score can help you get a better interest rate and flexible loan repayment terms.

Examine your financial condition by taking into account your income, savings, and debts. Your debt-to-income ratio is the fundamental aspect used by lenders and brokers to calculate the value of your mortgage. 

  1. Get Your Mortgage Pre-Approved

The first step towards becoming a homeowner is to get pre-approved for a mortgage with the help of a mortgage broker. To get pre-approved for a mortgage, you must submit your financial information and bank statements to the lender and get your credit score checked to find out if you are eligible to get pre-approved or not.

Obtaining pre-approval can help you pitch a serious offer on a home of your choice along with getting you approved for the right mortgage amount.

  1. Research All Mortgage Options

As a first-time homebuyer, you can take advantage of a variety of government programs and grants that can help you save money. Apart from government schemes and grants, you should always do proper research or look into possible mortgage saving aspects, such as:

  • Fixed-Rate Mortgages: The interest rate stays the same throughout the loan period.
  • Adjustable-Rate Mortgages (ARMs): The Interest rate fluctuates according to the market conditions. 
  • Government Programs: You may qualify for first-time home buyer government programs and incentives in British Columbia.
  1. Find the Right Mortgage Lender

Mortgage brokers work with a network of lenders to provide their eligible residential mortgage clients with a wide range of mortgage options available at varying rates to choose from. An experienced broker with a good industry reputation and a track record of assisting first-time home buyers can help you seal a competitive deal. You may also look for internet reviews and testimonials to make an informed decision.

  1. Sealing the Mortgage Deal

It is best to put your trust in an experienced mortgage broker to handle the negotiations and closing a profitable deal on your behalf. The lender will review your mortgage application after you submit it and provide an outline of the terms and conditions you must meet in order to get your mortgage approved.

It is best to ask questions about any terms or conditions you are unclear about to avoid any costly expenses down the road.

If you are looking for a mortgage broker for first home mortgage approval or mortgage refinance in Surrey, rely on Satbir Bhullar, your trusted mortgage agent.