How to Know if You Are Ready to Buy Your First Home

Making the decision to become a homeowner is a major financial accomplishment. But how exactly are you supposed to know if you are ready to buy your first home? Well, you should first speak with a mortgage professional so they can review your finances and help provide some professional advice.

Your local Ottawa and Oshawa mortgage broker with The Mortgage Emporium has also listed some other tips for knowing if you are ready to buy your first home.

Tip #1: Stable Income

Having a stable income is vital when beginning the application process. Your broker will want to be sure you have a sufficient amount of savings so you can make payments on-time towards your Ottawa or Oshawa mortgage. Your income also determines what type of home loans you can qualify for, so be sure and have all your financial documentation organized before you attend your first meeting with a mortgage broker.

Tip #2: Good Credit Score

The other main factor that has a big impact on what mortgage options you could be approved of is your credit score. The higher your score is the better rates you may receive and the more options you may qualify for. Therefore, if you already have a good credit score, then you could be ready to buy your first home and should begin your application for an Ottawa or Oshawa mortgage.

Tip #3: Minimal Amounts Of Debt

Depending on how much debt you have accumulated may affect the status of your application and postpone your ability to become a homeowner. So, before you begin applying for a home loan, you should first try to lower the amount of debt you have and pay off as much high-interest loans as you can. In doing so, this will also help improve your credit score.

Tip #4: Ready To Settle Down

A good sign of knowing if you are ready to become a homeowner is whether or not you are ready to settle down. If you like to move around and never spend longer than a couple of years in one place, than buying a home may not be the best financial option. However, if you are planning on being in one area for at least five years, then you may want to start looking at different homes to purchase.

Contact Us

If you would like to receive more tips on how to know if you are ready to buy your first home or if you are interested in beginning your application for an Ottawa or Oshawa mortgage, please contact The Mortgage Emporium team at 888-421-9330.

Canadian Real Estate Market Forecast 2017

The Mortgage Emporium – Mortgage Broker Ottawa 

As trusted Ottawa Mortgage Brokers, we work tirelessly to stay abreast of what’s happening in the market place. Allowing us to offer sound and quality advice to our clients. Many home owners, and prospective home owners are wondering what a Canadian Real Estate Market Forecast in 2017 would like.

2017 Canadian Real Estate Market Forecast

Per the Canadian Real Estate Association (CREA), national sales are forecast to drop in 2017 by 3.3%, compared to the previous year. Specifically, in Ontario, they are looking at home sales to decline in Ontario by 2.7%. To take a look at the full statistics and forecast by province click here to visit CREA’s website.

In its annual year-end report, CREA states: “Transactions in B.C. and Ontario are anticipated to remain strong but fall short of this year’s record levels due to deteriorating affordability, an ongoing shortage of affordably priced listings for single family homes and tightened mortgage regulations.”

Most Canadian markets are leaning towards a flattening out of property prices, with some areas of the country experiencing a decline in both sales activity and prices. As other areas continue to experience price gains, albeit at a much slower pace than we’ve seen in recent years.

Consider the slowing of the Calgary real estate market. We expected aggressive price drops when oil prices crashed, however the market didn’t suffer all that much. Sure, there were price decreases, most neighbourhoods saw price reductions that were less than 5%.

The biggest factor in the predicted 2017 slowdown are the tighter mortgage regulations that were introduced in 2016. “Tightened regulations are expected to reduce the number of first-time buyers who qualify for mortgage financing, particularly in pricier markets, where there is a severe shortage of lower-priced listings.” Click here to read our blog about the change to the Canadian mortgage rules.

If you’re thinking about purchasing a home or refinancing the mortgage your currently have, our Ottawa Mortgage brokers will take the time to discuss your personal and individual financial situation. This way we can offer you the best advice and guidance.

Contact Us Today! The Mortgage Emporium – Mortgage Broker Ottawa