5 QUESTIONS FOR THE BEST FIRST TIME HOME BUYER MORTGAGE OTTAWA

Taking a first time home buyer mortgage Ottawa, can be quite the task for a person who does not have the experience. There are a lot of procedures involved and you hardly ever know if you’re getting the best rates and plan. Here is a list of questions to ask yourself and your lender to determine how good is your first time home buyer mortgage Ottawa.

 

1. What can I afford?

This is the first and most important you should be asking yourself. When you get a first time home buyer mortgage in Ottawa, it is important to know how much the lender would be willing to give you. This can help you to align your search for homes accordingly and make a proper plan for the budget. Getting pre-approved is always a wise choice.

2. How does my credit score affect me?

Your credit score is the first point of reference for your lender. It can get you better rates or put you in a position where you don’t qualify for a traditional first time home buyer mortgage in Ottawa. If you have a good credit score you can access the best rates with ease. If you have bad or bruised credit score, you will need to work harder for a good rate.

3. Does a pre-approval help me?

Getting a pre-approval for your first time home buyer mortgage in Ottawa is always the best choice. It has two benefits: it allows you to know what you can afford and also it helps you to seem like a serious buyer to the seller of a home. It also gives you an edge over your competition.

4. What is mortgage insurance?

Mortgage insurance taken on your first time home buyer mortgage Ottawa helps you to secure your asset against defaults in loan payment. This will definitely hike your monthly payments, but it will be one of the best decisions you make if you are not sure how your financial health will be in the future.

5. Do I need to hire a broker?

For someone who is getting their first time home buyer mortgage in Ottawa, it is crucial they have the best help from professionals. This could help them negotiate for the best rates and can even help with bad credit. A mortgage agent or broker can make your dreams come true much faster since they have good experience.

To know everything in details you can visit: Platinum Mortgage Ottawa