First Time Buyers

If you’re a first time homebuyer, I know that the amount of information out there is overwhelming. You’ve made the decision to look at purchasing a home. I applaud your courageous decision!

More than likely the first thing that comes to mind at the start of the process is affordability. How much of a house can I afford, or how much will the mortgage payment be every month? Let’s not forget about the other monthly expenses like hydro, insurance, water or condo fees, these are costs we need to work into your budget as well.

The general rule is: From your monthly household (combined) income, 32% is the most you want to dedicate to household expenses including mortgage.

Many first time homebuyers are at a critical time in their lives. This is usually when the stage is set for your financial future. It might include looking at RRSP’s, RESP’s, life insurance. Or, it could be the time when you make other major more personal decisions, like career path, engagement/marriage, or children.

Ideally your only significant debt will be your mortgage, maybe a few student loans. This might be a good time for consolidation, and learning how to maintain your credit. Perhaps you need to implement some budget self-discipline, and I can help you achieve all these goals by referring you to a partner strategist, be it a financial planner or insurance expert.

Your pre-approval discussion is the first step in laying the groundwork for what’s ahead.Now is the perfect time to establish good financial habits, like saving and budgeting. Your pre-approval discussion is the first step in laying the groundwork for what’s ahead. It also should be established early on in the process to create a realistic expectation for you and your agent in the homebuying process.

By ‘borrowing’ – (incurring ‘good debt’, i.e. student loans), and ‘building’, (creating equity at the same time), you are laying the financial groundwork for years to come. You are establishing habits (good or bad!) and this is how your financial picture will come together. If you’re just starting out in life as a professional/homeowner/family, etc., ensure that you create and maintain lifelong relationships with finance professionals who will be there every step of the way!

The government homebuyer plan (HBP)  guidelines:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html
There are many valuable worksheets and checklists on the CMHC website for first time home buyers.  http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_012.cfm

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Areas of Service

My primary area of service is within the Halton and Wellington regions. As a Mortgage Agent I travel extensively and am able to service areas outside those mentioned. I'd love to hear from you, get in touch with me today!


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The AMP designation

AMP certification
The AMP or Accredited Mortgage Professional accreditation is the only designation in Canada that recognizes a proficiency standard for professionals in the mortgage industry. It is awarded by the Canadian association of accredited mortgage professionals (CAAMP), an association striving to achieve a standard of excellence for mortgage agents across the country.

AMP’s are committed to a high standard of professionalism, ethical conduct, and continuing education. The AMP is not mandatory at this time. It is an elective designation that I have chosen to earn. I hope this tells you a little about my commitment to excellence, and respect for my profession.