NEW YEAR’S RESOLUTIONS FOR NEW HOME BUYERS IN EDMONTON
Although numerous people are making New Year’s resolutions to consider a new hobby or stay healthy, hoping in a better financial condition and buying a house could be the best resolution for new home buyers in Edmonton. If you plan to downsize to a smaller house, purchase a new home, or want to move to a new city or neighborhood, Chris Hedstrom has some resolutions to help you get there.
1. Get a Clear Image of Your Interest
Finding an Edmonton house according to your budget and requirements can be tedious, particularly when you don’t know how and where to begin. You can make your home search hassle-free and easier by contacting me and discussing what’s more crucial to you.
Where do you wish to stay in Edmonton? I will study amenities and popular neighborhoods to discover a perfect setting. What type of home are you seeking? You can go for a single-family home, townhouse, duplex, or something else as per your budget.
2. Boost Your Credit Score
If you take charge of your finances earlier, you can get into a cost-effective home-buying deal sooner. After all, your credit score impacts your scope of acquiring a mortgage. Good credit is essential for buying a house; however, a good credit score never happens suddenly. Ensure to improve your credit rating by monitoring the reports, solving any errors that occurred, and most significantly, paying bills timely.
3. Set Money Aside for Your Down Payment
Your down payment depends on your home’s buying cost. However, most homebuyers require a down payment of at least 5%. Your down payment’s size can impact the loan size and monthly EMIs. Hence, your monthly EMIs will be lower if you put down more money. It can help you save up as much as possible to lower your EMIs and the entire loan cost.
4. Do a Pre-Approval with a Mortgage Specialist or Your Bank
Start searching for homes by pre-approval with the mortgage expert or your bank. It will help you understand your affordability and what you can spend comfortably. Moreover, it helps ensure you can afford the house while affording things like going on a vacation or enjoying hobbies.
Most homebuyers require getting a loan for purchasing a house. Learn about mortgage choices, how your down payment’s size can impact the mortgage payment, and how you can get the best terms and rates.
5. Collect Essential Documents for a Mortgage
A mortgage pre-approval is different from the actual mortgage approval procedure. Learning about necessary documents can save you lots of time and lower delays in closing. You need the following documents:
· Personal Details
· Employment details like proof of income
· Financial statements
· Copies of other income sources like pension, part-time income, rental income, etc.
· Mortgage statements for present homes
· Bank account details
· List of liabilities including car loans, student loans, personal loans, monthly leases, and credit card balances.
· Down payment details.
Moreover, new home buyers in Edmonton may need additional documents based on their condition. If you are ready to adopt these New Year’s resolutions, reach out to Chris Hedstrom today!