{"id":11652,"date":"2019-02-13T11:11:47","date_gmt":"2019-02-13T19:11:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11652"},"modified":"2019-02-08T20:06:13","modified_gmt":"2019-02-09T04:06:13","slug":"tips-for-first-time-home-buyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/02\/tips-for-first-time-home-buyers\/","title":{"rendered":"Tips for First Time Home Buyers"},"content":{"rendered":"<p style=\"text-align: justify;\">Congratulations! You\u2019ve made the decision to buy your first home \u2013 this is a hugely exciting step. It can often be slightly overwhelming with lots of different options to choose from \u2013 not only in the property that you go for but also in the type of home loan you apply for.<\/p>\n<p style=\"text-align: justify;\">Do as much research as you can and follow these top tips to help your first home loan application lead to a successful purchase :<\/p>\n<p style=\"text-align: justify;\"><strong>\u25fe Check your eligibility :<\/strong> you need to check your credit score, as well as the credit score of your partner or anyone else you may be buying your home with. This will help to give you a rough idea of what you can expect to borrow from lenders and how eligible you are for a home loan application.<\/p>\n<p style=\"text-align: justify;\"><strong>\u25fe Know your options :<\/strong> you\u2019ll want to take a bit of time to research the home loan options available. There are so many different variations and each will have a different rate of interest, features and charges. Understanding a bit about home loans can help you to decide what will work best for you.<\/p>\n<p style=\"text-align: justify;\"><strong>\u25fe Improve your credit score :<\/strong> there\u2019s a high chance that as a first time home buyer you may need to improve your credit score. This could involve clearing current debts, proving to a lender that you are able to pay back loans or simply showing evidence of a stable address and a regular income.<\/p>\n<p style=\"text-align: justify;\"><strong>\u25fe Increase your down payment :<\/strong> if you\u2019re young and you don\u2019t have a significant credit history to show to a lender, a large down payment could really help your chances of success with a home loan application. Whatever you can afford to offer as a down payment will be taken off the amount you\u2019ll need to borrow, and will lessen the amount that you\u2019ll be paying interest on during the loan term.<\/p>\n<p style=\"text-align: justify;\"><strong>\u25fe Budget carefully :<\/strong> this is really important as you don\u2019t want to stretch yourself financially and end up defaulting on your loan or missing\/making late repayments. This could really damage your credit history for the future and harm your chances of borrowing again. Do your sums and figure out how much you can realistically afford to spend on a home loan.<\/p>\n<p style=\"text-align: justify;\"><strong>\u25fe Remember extra costs :<\/strong> a home loan is just the start of your costs. Remember that when you buy a home you\u2019ll also have legal fees to pay as well as other associated costs such as renovations or extra construction that you may want to be doing. Budget all of this into your calculations so you aren\u2019t left with unexpected surprises.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/six-tips-for-first-time-home-buyers\/98752941\/\">Six Tips for First Time Home Buyers<\/a> by Jamie Richardson | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congratulations! You\u2019ve made the decision to buy your first home \u2013 this is a hugely exciting step. It can often be slightly overwhelming with lots of different options to choose &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/tips-for-first-time-home-buyers\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11652","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tips for First Time Home Buyers &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/02\/tips-for-first-time-home-buyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tips for First Time Home Buyers &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Congratulations! 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