If you are a first-time homebuyer, there are a few important things to know before you begin the home loan process. As your local Winnipeg mortgage brokers, we understand the complexity that comes with buying a house and getting a mortgage. To help make this process easier, we have made a list of the 5 things we want you to know before you start the process.

1. We should be your priority:

Before you make any decisions, you should talk to your mortgage broker first. We are here to guide you through this process, instead of just getting you a loan. We can educate you on all the services and rates out on the market so you are fully aware of what options to choose from.

2. Be organised

When you feel you are ready to start the loan process, it is important you know who exactly you want to work with. Be organised in the sense that you know which realtor you want to sell you a house, the lawyer you want to use for legality purposes, and the home inspector for all the necessary inspections.

3. Understand down payments

When you officially buy a house you immediately need to make a down payment. This is generally around 20% of the total cost. Most people believe you can borrow that lump sum from a family member or friend, however, that is not the case. Your down payment has to be your own money, it cannot be borrowed.

4. Keep us informed

As your mortgage brokers in Winnipeg, we understand that not everyone has a perfect record. Be upfront and honest about any debt you have or acknowledge your low credit score. We are here to work with you and can overcome any obstacles to the best of our ability.

5. Wait on other purchases

Try not to go out and make a large purchase. This includes cars, boats, or any other big luxurious purchase. This could potentially put a hold on the home loan process, so please speak with your mortgage broker first so we can advise you on what is best.

As the best mortgage brokers in Winnipeg, our One Link Mortgage & Financial team can work with you in finding the best services on the market. For more information or to get started today, please call 204-954-7620.