Tips for First Time Homebuyers

Put Your Deposit Into Your RRSP for 3 Months Before Purchasing – Put your money to work for you! By placing your down payment savings into your RRSP for a minimum of three months, you’ll be able to pull it out without penalty and get the tax credit too.

Look Into Programs to Help – There are a variety of programs available to help you purchase your first home. Some offer rebates on your land transfer taxes while others help you with your down payment. Ottawa Mortgage Market can help you find the programs that will help you.

Don’t Forget the Pre-Approval – Getting pre-approved for your mortgage will help you to shop for your dream home, and confidently make the offer that will make it yours. You’ll know exactly what you can afford, be able to make a stronger offer and face fewer surprises.

Boost Your Credit – The higher your credit, the higher your chances of approval at the best interest rates. Before shopping for your first home, check your credit score and do what you can to improve it.

Maintain Your Credit – Once you’ve been pre-approved for a mortgage, don’t do anything that might impact your credit. Delay that new car purchase until after closing, and be sure to pay your bills on time.

Build Your Down Payment – The greater your down payment is, the easier it will be to secure the mortgage you want at the best rates. You’ll also save tens of thousands of dollars in interest over the life of your mortgage and enjoy lower monthly payments too.

Don’t Forget Closing Costs – When closing on your new home, there are a variety of costs that will need to be paid that day including legal fees. Be sure to budget for these in advance.

Prepare Your Documents – Lenders require plenty of paperwork while they assess your creditworthiness. If you’re planning to shop for your first home, start accumulating the necessary paperwork including previous income tax returns, proof of employment and others.

Use a Mortgage Broker – Your bank branch can only do so much. A mortgage broker can tap into their wide network of lenders to find you the best possible rates.

Tips for Getting the Most out of Your Mortgage

Don’t be afraid to refinance your mortgage when interest rates are low. In many cases, you’ll save thousands of dollars over the life of your mortgage!

At renewal time, don’t just settle for what your current lender is offering. By exploring other options from other lenders, you can save a lot of money, lower your monthly payment and get better terms. Ottawa Mortgage Market can help eliminate the legwork and source the best deals available for your current circumstances at no cost to you.

If you can get a lower rate, keep your payments the same as before. This will help you to pay off your mortgage even faster!
If the terms of your mortgage allow it, pay off a little extra each year. A little goes a long way, and your extra payments go directly on the principal, potentially saving yourself thousands of dollars in interest.

When you need funds for renovations, your children’s education or unexpected expenses, you can put your home’s equity to work for you, freeing up the cash you need at optimal interest rates.

Whether you’re a first-time homebuyer or have an existing mortgage, Ottawa Mortgage Market’s experienced team can help guide you through the best options for your situation. Our experienced team and large network of lenders can get you the best possible rates and terms, stress-free! If you have any questions about the mortgage process or how you can put your home equity to work for you, contact Ottawa Mortgage Market today!