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First Time Home Buyer? How to Get Qualified (#001)

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Are you ready to buy your first home? Do you know what is required for you to qualify to buy your own home? Are you familiar with government rules and recent changes to real estate laws? This is an exciting time to make your first home purchase, because there are so many programs to assist you. Interest rates have never been lower, the selection of homes, apartments, and townhomes available on the market right now is fantastic. Despite these appealing aspects of buying your first home, the process can still be quite complicated.

If you're planning to buy your first home, then you'll want to tune in to this edition of the Mortgage Newscast where your host, Eric Reynolds, interviews Jared Dreyer, an accredited mortgage professional and president of Dreyer Group Mortgages, a proud member of the Verico Brokers Network about what first-time home buyers need to qualify before purchasing their first home. Despite recent government rule changes, there are still plenty of assistance programs.

Many first-time home buyers are undaunted by the recent changes. According to a report by the Canadian Real Estate Association, December sales were up along the western coast, such as in the Greater Vancouver and Fraser Valley areas. (http://creastats.crea.ca/natl/index.htm)

The Three Things You Need Before Buying a Home

This episode begins with an explanation of what is required of first-time home buyers before they can purchase their first home. Unlike buying your first vehicle or making some other major purchase, buying your first home is not as easy as signing on the dotted line.

Jared thoroughly explains the criteria that you need to meet before you can buy a home. The three pieces of criteria include your current state of employment, the amount of money you have saved for a down payment and the origin of that money, and finally the current state of your credit history.

Then Eric asks a question about a topic that has been very popular lately, government rule changes in regards to buying a home. Jared explains about the various changes, including which affect down payments for first-time home buyers, one involving borrowing against a line of credit, and another regarding using your RSP's. Because these rules can be confusing, Jared explains using authentic examples from real scenarios during the podcast.

Despite all these changes, the real estate market, especially in the Greater Vancouver area, is prime for first-time home buyers. If you're renting your current residence, imagine how much money you could be saving by buying a home instead.

The Secret Advantage to Challenging Qualification Requirements

It may be more difficult to qualify for buying a home the first time around, but as Jared points out, this offers the advantage of better interest rates and amortization periods. He explains why this is, as well as why it allows people to pay down their mortgages faster. Jared also takes time to answer these frequently asked first-time home buyer questions:

  • How soon do I need to select a real estate agent?
  • Do I need to find my own lender or will the agent help?
  • What paperwork do I need before making an offer on a new home?
  • Can I afford to buy a home on my current salary?
  • What fees will I be expected to pay when buying a home?

Then Jared segues into explaining which documents first-time home buyers need to obtain before they can qualify for mortgage approval. He lists each document that a first-time home buyer needs and then explains why it is necessary to have each one.

How to Avoid Delays When Buying Your First Home

Jared works with a team of real estate agents who share the common goal of getting approval for first-time home buyers who are ready to take the plunge into purchasing their own house, townhome, or apartment. His knowledge includes what options available for first-time homebuyers help avoid red tape that stalls the process.

Buying your first home is exciting, but one misstep could cause any number of delays. If the delays put things off for too long, you could lose your dream home to another buyer who sweeps in and purchases it first. Sticking with a professional who possesses the knowledge, skill, and connections to help get first-time home buyer applications approved can avoid such delays.

You can save time and money by knowing what to expect during every step of the process, from your first time out looking at available properties to the day when you attend the final meeting where you sign on the dotted line and pick up the keys to your new home.

This short podcast is chock full of valuable information that Jared backs up with concise examples. He makes it very clear why now is the perfect time for first-time home buyers to take a step up from renting a place to live to buying their own property.

Are You Ready to Buy Your First Home?

Do you feel confident that you can afford your first home? Are you ready to see if you qualify? Do you have the means to put a down payment on the home of your dreams? If you answered "YES" to any of these questions, then it's time to get your documents in order.

After you finish listening to this informative podcast, please contact us at 1.800.687.9020 or apply with us using our 30 Second Application http://www.dreyergroup.ca/30-second-mortgage-application/. We look forward to hearing from you!