Buying your First Home
Are you prepared to buy a home?
Buying your first home can be scary at first, but with the right help and guidance, the process can be made easier. Thankfully the One Stop Mortgage team is here to assist you and ensure you get the right advice.
Owning your own Home
Knowing that you own your own home, without a landlord looking over your shoulder, and the security that you can renovate or make changes as you wish can be satisfying. You know that when you are paying off your mortgage, the money is going to you instead of someone else, and any improvements that you make can result in an increase in the value of your investment. Owning your own home can give you a sense of security and stability in that you won’t be asked to move, you can negotiate your payments, and you have the knowledge that you are investing in the future for your family’s well-being.
Is Home Ownership right for you?
Buying a home is a huge step if you have been renting. There are many things to be aware of and it is important to educate yourself and get help to guide you through the process. There are advantages and disadvantages to buying or renting, but knowing yourself and your abilities is perhaps the most important step. It is important to think about the following:
- Are you able to manage your finances?
- Do you have a stable job?
- Have you consolidated your debts and begun saving for a home?
- Are you aware of all the costs involved in home ownership – such as repairs, taxes, home renovations, mortgage payments, maintenance?
- Do you have the time available to maintain a home?
- Have you thought about what type of home fits you and/or your family?
It is important to take an honest look at your life and decide if home ownership is right for you.
The Advantages of Owning a Home
There are many advantages to owning your own home. When you are considering buying your home, there are many things that make this move beneficial to your present and future:
- Owning your own home provides security and stability
- The value of your home could appreciate over time, giving you more money for your future
- As you pay down your mortgage, the amount of equity in your home will increase
- As the market value of your home goes up, so does the value of your equity
- There are many tax benefits for individuals, families and home-based companies
- Your housing costs are more stable, since you are not going to be faced with unexpected rent increases
- Owning a home provides one of the best ways to save money
- When you sell your home, the increase in value can be tax free
- Sometimes owing a home can be cheaper than renting
- Home equity can be used as a source of money for things such as paying for a child’s tuition, taking a much needed vacation, investing in your own education and training, or setting up a business
The Disadvantages of Owning a Home
If you have an unstable form of work, lots of debt, little financial discipline and like to move often, owning a home is not for you. You need to take a careful look at your life and decide if ownership is right for you. Some disadvantages to owing your own home include the high cost of ownership, need for disciplined financial activity, the responsibility of owning a home. However, if you talk to most home owners, they are happy with their decision to buy. Read “Why I Don’t Regret Buying my Home” article in the Globe and Mail to read about one person’s confidence in their decision to buy a home.
Are you Ready to Buy a Home?
Once you have decided that you want to start thinking about buying a home, there are many things you can do to prepare yourself. Think about where you want to live, how much space you need, how much money you have saved for a down payment, have you looked into all the things you need to know before buying a home?
Get some help from the Mortgage Professionals
When you are thinking of making the biggest purchase of your life, it is important to get help from professionals who can give you good advice. The Mortgage Professionals at One Stop Mortgage Corp can give you the timely advice you need to begin on the road to buying a home. If you have debts you need to consolidate, need financial advice, want to get the best rates and mortgage financing solution that fits your particular situation, the One Stop Mortgage Corp team can help. Since 1994 they have helped people get the financing they need to make buying a home possible. Give them a call today at 604 874 8988 or call toll free 1 877 874 8988. You can also reach them at firstname.lastname@example.org. Read more about how One Stop Mortgage can help with purchasing your home: http://www.onestopmortgage.ca/property-purchase.html.
It’s a Good Time to Buy a Home
With interest rates at historic lows and real estate markets still flexible enough for first-time buyers, it is still a good time to buy a home. Contact the One Stop Mortgage team and find out how to get started today!
Even if the bank turns you down, or your credit-rating is not accepted elsewhere, we can help.
1 877 874 8988 (toll free)
604 874 8988
604 874 9109 (fax)
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