Still sitting on the fence?

Are you still sitting on the fence about buying your first home? Many people are probably bringing to your attention the fact that interest rates are rising and you're feeling the pressure! Ok, it's true, interest rates are rising, but I don't think the current 3.99% is anything to worry too much about. We bought our first home at an 11.5% interest rate and we've been fine.

There are many questions probably running through your mind. The common ones are "how much can I afford"; "how do I get the best mortgage deal with so many competitive products?"; "should I use an agent or go it myself?" to "should I buy new or resale?".

This will probably be one of the largest financial transactions you undertake for a long time. It's a major decision. However, if you do your research and approach the process with an open mind and confidence, you will end up with something to be very proud of!

Here are a few tips to keep in mind and if you want more, check out http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_005.cfm CMHC's web-site:

Make Sure You Understand the Process.
There really shouldn't be anything that is so complicated that someone you trust can't explain to you. This is where Realtors truly come in handy. You can also turn to your accountant or lawyer. It's generally not a good idea to ask relatives for help in understanding legal terms and conditions! Research, learn the lingo and don't be afraid to ask questions!

You are the Most Important Person in the Process.
You are the person that is going to make this deal happen! You are selecting a home that meets your criteria; you must determine where your comfort zone is; you must be able to see yourself in this home for the foreseeable future; you need to know what your plans are and only you can make those decisions! Remember the most important part, make sure you get good advice from someone you trust!

Surround Yourself with Professionals.
You need a good Realtor, a mortgage specialist and a property lawyer to get you started. You most likely will need a home inspector and some other professionals too. In the end, these people save you time and money. Their knowledge of the community, the importance of the Real Estate transaction to the overall economy (and your personal goals), the intricacies of the process (including the amazing amount of paperwork!), negotiations and protecting your rights must be the most important things these people bring to you to help you reach your goals!

Approach your home buying experience with confidence! With the right people behind you, you will take that first step on the property ladder and never look down!