{"id":6528,"date":"2017-07-28T11:11:50","date_gmt":"2017-07-28T18:11:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6528"},"modified":"2017-07-20T10:13:57","modified_gmt":"2017-07-20T17:13:57","slug":"essential-mortgage-tips-for-first-time-buyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/07\/essential-mortgage-tips-for-first-time-buyers\/","title":{"rendered":"Essential Mortgage Tips for First Time Buyers"},"content":{"rendered":"<p style=\"text-align: justify;\">Being a real estate agent means more than just showing clients around homes and hoping they\u2019ll like it enough to actually buy it. The most successful real estate agents ensure that they guide their clients through each and every step of the buying process, and that\u2019s especially true in the case of first time buyers who might be unsure of how it works.<\/p>\n<p style=\"text-align: justify;\">After all, the more buyers know about the process, the better prepared they\u2019ll be. As such, we thought it timely to provide a few tips on how to prepare clients for one of the most worrying parts of the process \u2013 obtaining a mortgage.<\/p>\n<p style=\"text-align: justify;\">1. Know your credit score<br \/>\nFirst up is to find out exactly what your client\u2019s credit score is looking like, so they\u2019ll know how much they can afford to spend on a home and also the interest they\u2019ll likely have to pay on their loan. As such, real estate agents should encourage their clients to check their credit score as early as possible.<\/p>\n<p style=\"text-align: justify;\">2. Work out how much they can borrow<br \/>\nIt should be possible to work out roughly how much your client can borrow. Lenders generally don\u2019t like to see a monthly housing payment that\u2019s over 28 percent of a person\u2019s pre-tax income. The percentage threshold often cited for total debt \u2013 which includes the mortgage payment \u2013 is then no more than 36 percent. Some lenders will offer differing percentages but these are the most commonly used.<\/p>\n<p style=\"text-align: justify;\">3. Prepare all the documents<br \/>\nThese include documents showing how much income they earn, their employment status, identity documents, tax returns, bank statements and more. Agents should encourage their clients to get all of these things ready in advance so they can provide them to the lender as soon as possible and speed up the application process.<\/p>\n<p style=\"text-align: justify;\">4. Get pre-approval<br \/>\nPre-approval can often give your clients an edge should others be interested in the same property, as sellers can be sure they\u2019re not wasting time considering your offer or negotiating with you.<\/p>\n<p style=\"text-align: justify;\">5. Calculate the closing costs<br \/>\nThe closing costs typically add up to two-to-three percent of the mortgage principal amount. Buyers need to understand that these costs must be factored into their calculations to avoid any nasty surprises.<\/p>\n<p style=\"text-align: justify;\">6. Shop around<br \/>\nAs an agent it\u2019s your job to encourage your clients to shop around for multiple quotes from different lenders. Shopping around could well save them thousands of dollars.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/first-time-buyers-2\/98743197\/\" target=\"_blank\" rel=\"noopener\">6 Essential Mortgage Tips for First Time Buyers<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Being a real estate agent means more than just showing clients around homes and hoping they\u2019ll like it enough to actually buy it. The most successful real estate agents ensure &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/07\/essential-mortgage-tips-for-first-time-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":[9],"tags":[],"class_list":["post-6528","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Essential Mortgage Tips for First Time 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\/2017\/07\/essential-mortgage-tips-for-first-time-buyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Essential Mortgage Tips for First Time Buyers &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Being a real estate agent means more than just showing clients around homes and hoping they\u2019ll like it enough to actually buy it. The most successful real estate agents ensure &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/07\\\/essential-mortgage-tips-for-first-time-buyers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/07\\\/essential-mortgage-tips-for-first-time-buyers\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Essential Mortgage Tips for First Time Buyers\",\"datePublished\":\"2017-07-28T18:11:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/07\\\/essential-mortgage-tips-for-first-time-buyers\\\/\"},\"wordCount\":426,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Mortgage\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/07\\\/essential-mortgage-tips-for-first-time-buyers\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/07\\\/essential-mortgage-tips-for-first-time-buyers\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/07\\\/essential-mortgage-tips-for-first-time-buyers\\\/\",\"name\":\"Essential Mortgage Tips for First Time Buyers &#8226; 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