Ready, Set, Finance Your Regina Home!

So, you're thinking of buying your Regina first home and are bravely venturing out into today's buyer's market to find the right place for you. What about the mortgage? How do you avoid the mistakes that have left many current homeowners in the U.S. underwater, or worse, without a home? Get educated - with home buying and in choosing the right mortgage for you, knowledge is indeed power!

First off, you'll need to have an understanding of basic mortgage terminology, and you don't have to be a banking professional to learn about them. References to variable vs fixed interest rates, credit ratings, amortization schedules, and mortgage insurance may leave your head spinning right now, but after a little research, you'll be ready to negotiate with any lender.

As a first time buyer, for example, you may have heard about several different loan products available today, but we recommend sticking to a good, old fashioned, fixed-rate loan. That way, you will have the peace of mind that comes from knowing what your payment will be every month into the future - and that you are paying down the principal of the loan each month, instead of just paying interest.

Also, before you start looking for your perfect first home, it is important to first get pre-qualified (not just pre-approved) for the amount of loan that you can afford. Too many people make the mistake of leaving the mortgage negotiation until the last step, after they've already found their dream home and fallen in love. It can be devastating (both emotionally and financially) to discover that the home you want to buy is outside your price range, or your lender isn't willing to lend to you because of your credit rating. Also, if this leads the buyer to feeling desperate to buy the home they found and more likely to make foolish mortgage decisions than if they go into the process knowledgeable about their limits.

Today's mortgage rates are lower than they have been in a few years. It is critical for first time buyers in today's market to educate themselves on the different mortgage options available, find an experienced mortgage expert to walk them through the entire lending process, and be sure to choose the best product available - based on the buyer's specific needs.

Finally, hiring a real estate professional with expertise and knowledge about the type of home you are looking for, and who is a skilled negotiator on your behalf, is one of the most important steps first time buyers can take. Once you have all of this knowledge backing you, your adventure of finding your ideal first home will be dramatically smoother and successful. Happy hunting!

Clair Whittington can make your first time buyer's adventure a breeze. Check out her website for helpful buyer reports.