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getting a mortgage
i live in canada and would like to buy a house. i am a first time home buyer. however I always seem to have problems getting a mortgage. I have a goodpaying full time job, good credit etc. Any advice, route to go's, tips on how to get a mortgage hassle free as a first time homebuyer. I rate high!! Thank you so much
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Maybe give some free advice about: Personal Finance?
If you could post examples of problems you have, im sure we could help. One thing I can say, is when you go to a bank, ask them about first time home buyers classes, and information packets. These classes will tell you everything you need to know, and they will give you all the tips you need.
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My boyfriend and I actually paid a little extra to go through an Independent Financial Adviser, who did all the legwork for us. It cost around £150 extra but it meant he could find the cheapest mortgage for us, with the best rates and he will help us in a year and a half when our fixed rate term ends, so we can find another fixed rate which will suit us.
I would especially recommend this with hindsight because no matter whether you go to an estate agent that offers mortgages or a bank, you will never get impartial advice. They will all say that theirs is the best offer around because they want you to take up their mortgage. So try to get an independent opinion from an adviser. They might cost a little extra but they will save you in the long run.
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I would consider calling your bank, and talking to a mortgage consultant. They will be able to give you the most accurate information. Also, be aware that for a mortgage in Canada, you'll need to not only negotiate with a bank, but also a lawyer and you have the option of a real estate agent (though some people sell a home on their own, it's an incredible hassle and can be disastrous if you don't know what you're doing with the piles of paperwork). So you'll also want to call around and find a good property lawyer and a real estate company. I suggest calling a real estate agent first, and then you can start browsing at homes. They'll show you what is in your price range, and then you can talk to the bank about a mortgage that is right for you. Once you have talked to a bank, then contact a property lawyer about all the legalities and paperwork.
Remember, a mortgage is a very big deal. You're looking at 10-20 years of payments, and if you can no longer pay or want to break your mortgage, there will be very large consequences. Make sure your job is not only well-paying, but stable.
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do your homework call mortgage companies and ask questions before considering you othe options
i hope i helped
kristin
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