Paul Wrigley and his team at Ray White Real Estate Toronto would like to help any first home buyer needing help getting finance in order to buy their first home.
Ray White Toronto have their own in house loan broker, John Paine, from Loan Market.
For an independent opinion on your fiancé and loan options give John a call on 4959 6577.
Are you Ready to Buy your First Property?
Buying a home is an exciting process but you do need to be prepared. Arranging your finance first helps you set your own limit and better positions you for a successful negotiation.
And, with so many home finance options on the market, there are several things you need to consider before beginning your search for the right property.
How much can I borrow?
How much can you borrow will depend on a range of factors including your current financial position, the size of your deposit and the lender you choose to take out a home loan with. A lot of people are unaware that each lender calculates how much you can borrow quite differently, which can make a huge difference. Sometimes it is a matter of just thousands but sometimes the difference can be tens of thousands of dollars.
Many lenders will require a deposit of at least 5 per cent of the total purchase price of the property you intend to buy (although this does vary between lenders) so you will need to have this amount saved, along with the amount needed to cover additional costs such as legal fees and stamp duty.
First Home Owner Grant
If you are a first home buyer, it pays to find out whether you are eligible for the First Home Owner Grant. To be eligible, at least one of the applicants must be a permanent resident or citizen of Australia. Its important to remember that even if you are eligible to receive the grant, you will still need to have a deposit saved, usually at lease 5 percent of the total purchase price.
Home Loan Pre-approval
If you are in a financial position to purchase already, getting a home loan pre-approval can be a worthwhile exercise. A written home loan approval from the lender you intend to borrow through will give you a good idea of just how much you have to spend on your property purchase and will put you in a good position to bud at auction or negotiate strongly on price.
For more information on home loans, refinancing and a variety on other financial services our brokers provide visit our website at www.loanmarket.com.au or call us on 13 5626 (13 LOAN).