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Mark Slobodan
RE/MAX Excellence
#201, 5607 - 199 Street, Edmonton, Alberta
P: 780-289-7656
F: 780-481-1144






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Tips for First-Time Home Buyers


If you have never bought a home before, the idea of getting a mortgage and finding a home can be incredibly daunting. There seems to be mystery surrounding the process, especially with more and more people waiting until their late twenties and early thirties to finally quit renting and invest in a home. However, it doesn't need to be a mystery. If you do a little bit of homework and walk into the process educated and prepared, you might find that buying a home is a lot easier than you thought.


First Time Homebuyers


  • How's your credit?

The first thing you should do is look at your credit report. There are three agencies that issue reports: Equifax and Transunion. These reporting agencies create your FICO score, which will be used by your lender to determine what sort of credit risk you are. Basically this means the higher your FICO the lower your interest rate and the more likely you are to get a loan. Your FICO score is so important that you should stay on top of your credit reports. Each agency offers a free report annually and you should take advantage of this to check your score. Knowing what your FICO looks like will allow you to work on raising your score, catch any mistakes and quickly take action if you are a victim of identity theft.


  • What are your needs?

If your credit is in great shape, the next thing you need to determine is your needs. If you plan to work at home, you'll need a home with an extra room for an office. Maybe you need a large yard for children or an even bigger property for horses. Do you entertain a lot? Then maybe a large kitchen is a priority. Location may also be important if you commute to a job or need to live in an excellent school district. Figure out what features in a house are a must, what are desirable and what are unnecessary. This will help you begin your search and get some idea of what your finances need to look like to get a house that makes sense for your lifestyle.


  • What can you afford?

Understanding what you can afford is a critical factor in the process of buying a new home. Take a hard look at your income, your expenses and evaluate what a house will actually cost. A mortgage banker or real estate agent can help you crunch the numbers. It isn't enough though to figure out how big of a mortgage payment you can make and squeak by. You'll have to keep in mind a home has extra expenses like insurance, property taxes and repairs.


  • What are your mortgage options?

It is also important that you do some research and learn about the different types of mortgages that are available to buyers. If you are a first time homeowner, there will be special options available to you, especially if you have a lower income. You'll also want to learn about the difference between fixed rate, adjustable rate and the various exotic mortgages. The more you know, the more likely you will have a loan that you can comfortably make the payments on monthly.



Buying Your First Home


Whenever you think of trying something new, it's often hard to figure out where to start. When it comes to buying your first home, the easiest way to start is by checking out listings online, visiting show homes and open houses, but like everything in life, the easiest way probably isn't the best way.


First Time Homebuyer


I know that the more you know, the better your experience will be. I can help you sort through all the information that is out there, and explain all the important parts.


What Are Home Buyer Consultations?


My personalized consultation sessions give you the information you need to get started. I will help you avoid costly mistakes, explain the process of buying a home, and give personal recommendations for reputable mortgage brokers, inspectors, lawyers and any other professional service providers you may need in Edmonton. These sessions are free, scheduled at your convenience, and there is no obligation to work with me after the session. Schedule a first time buyer consultation today.


Pre-Approval or Pre-Qualification?


You'll want to speak with a mortgage broker before you go too far down the road towards purchasing your first home. We can help point you in the right direction, or you can get in touch with someone you know and trust. It’s also important to know the difference between a pre-approval and a pre-qualification:


  • A pre-approval is a rough estimate of how large a mortgage you would be qualified to borrow. They'll ask you a few questions and give you an answer quite quickly, possibly even over the phone.


  • A pre-qualification is much more involved, and far more accurate - they'll check your credit, ask for proof of down payment, employment and all kinds of other information.


You've Found Your Home, Now What?


When you have found a home that you would like to purchase.


  • What conditions can you put on your offer?


  • How long will the seller give you?


  • What are the actual costs going to be, and when will you have to pay them?


What information will you get before you have to make important, irrevocable decisions? I will protect your interests and will be professional, patient, intuitive, understanding, and above all else looking out for you.


A REALTOR® can represent you for any home you’re interested in purchasing, whether it is listed on the MLS® system or not. It could be for sale by a builder, the owner, the courts, a bank, or not for sale at all. If you’re interested in buying real estate, we can represent you.


When you're negotiating one of the biggest purchases in your life, the right advice can be priceless. Many people don't discover what they should’ve known until it’s too late to do anything about it. The right advice can save you money, and make you money.


Click Here to get started!

Your journey to finding the perfect home awaits! I look forward to helping you anyway that I can.


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Data last Updated: 2019-04-23 at 21:40:59 MDT America/Edmonton
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