Buying a home is one of the most significant investments we can make when securing our future. While the idea of owning a home sounds great, there is a lot that goes into the process.
The Edmonton real estate market is a renowned area with affordable options. As a first-time buyer, commitment is not enough to secure the home of your dreams. Lucky for you, we have all the information you need as a first time home buyer in the Edmonton real estate market.
Credit Score
Your credit score determines how soon you can make your dreams come true. A good credit score is integral in the Edmonton home buying process. Also, lenders prefer to work with individuals with a perfect credit score.
In Edmonton, your credit score needs to range between 650-680 to secure mortgage approval. It is possible to get a mortgage confirmation with a low credit score. But, in the long haul, this mortgage will be unsustainable.
Seek a Pre-Approval
If you have been actively planning to buy a home, you have heard about the importance of getting a mortgage pre-approval. However, 42% of buyers engage in the process without it. The lack of a pre-approval already derails an otherwise smooth operation.
With a pre-approval, homebuyers can know the price range they can afford. Also, as you approach professionals, they can offer guidance based on your budget. As a homebuyer, you need to know what you are working with. This way, resources and time will be spent on property within your budget.
Find a Realtor
The home buying process is hectic. The desire to control everything is inevitable. But to ensure you spend less time finding the perfect home, you need a realtor. It is highly recommended that you work with a licensed professional to access the best service and advice.
With technology, there is always the option of doing things alone. But the real estate landscape is changing every day. Our Team is available to guide you through all the property listings. With their expertise, they will work with your budget and offer a customized experience for you.
Be Realistic
As a home buyer, you must remain realistic during your search. The basic rule is that you can afford a home that costs 21/2 times your annual income. The equated monthly earnings should not be more than a third of the family income. An online calculator offers a clear picture of what you can and cannot afford.
This is why you need your comprehensive credit score chart. The Edmonton real estate has several listings that cater to every client’s needs. The help of a professional realtor goes a long way.
First-time owners are susceptible to cons and misguided information that could affect their future. With this information, you can start the journey towards becoming a homeowner. Check out our website and gain access to our Professional REALTORS® who will answer any questions.
Looking to buy or sell Edmonton Real Estate. Contact Us Gurpreet Ghatehora Edmonton Real Estate Agent RE/MAX RIVER CITY 780-951-6530 or visit https://www.edmontonhomesonsale.com
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