SUCCESS IN REAL ESTATE FOR FIRST TIMERS
A Series of Six Important Stages to Understand
Stage 1: Financing
Organizing finances is the critical first step in your home purchase. When looking at a real estate investment opportunity it is important to take into account the following:
- Know how much you pre-qualify for. This will give you the advantage of knowing your threshhold when looking at properties.
- Consider the equity you may have in a current investment and the applicable financing options available.
- Plan for the up front costs associated with your purchase including the down payment, the legal and financing fees, and unpaid or amortized back taxes.
- Predetermine your monthly costs including mortgage payments, insurance, utilities, property taxes, maintenance and, if applicable, strata and maintenance fees.
- Obtain a pre-approval from a few mortgage lenders as this protects you against interest rate increases for a given period during your property search. Mortgage brokers can often save you money by doing the shopping for you.
To learn more, read these other related posts or contact me anytime. I can provide you with the tools and resources that will result in a successful property purchase.