You’ve been saving money to buy your first home for so long and it’s one of the most significant purchases you’ll make in your life. But with all the details and parties involved, it’s easy to get confused or blindsided by hidden costs and fees. We can help – here are some tips to ensure you get the most for your money.

With house prices rising, it can be difficult to afford a home on your own. You and a friend might be in the same situation and feel that if you pool your resources, you can invest in a home instead of throwing your money away by paying rent. What all parties have to realize is that this is a business partnership and should be treated as such.

The challenge today is saving for a sizable deposit for a down payment and closing costs. Credit scores are critical, but so are income and assets when you are applying for a mortgage.

In this day of low-interest rates, the temptation to buy a home versus renting one is higher than ever. While it’s true that homeownership isn’t an ideal choice if it’s going to leave your house poor, or if you’re not ready to settle down in one location, there are definitely a lot of positives involved for those willing to take the plunge.

The first step in your home buying journey should be to obtain a Pre-Approval.

Understanding the process involved in obtaining financing for your home is important. As Mortgage Professionals, we handle everything from your pre-approval to securing the best mortgage rate that works for you.

If you’re not already a homeowner, maybe this will be the year that you make the change over from renter to owner for your own good. Owning your own home gives you more freedom of choice and also sets you on the path to financial security.

Strangely enough, the root word mortgage comes from the French word “mort”, which means “dead”, and “gage” from Old English, which means “pledge”.

Many people get it backward. They shop for a home and then make an emotional decision without knowing what they are able to afford. And then are surprised and disappointed to find out that they cannot get the financing. Thankfully, mortgage brokers do the homework for the applicant to see whether they have the ability to repay the loan while in the lifestyle they are accustomed to.

Before you start house hunting, be sure you are comfortable with the obvious and less obvious costs of home ownership.

If you are planning to get a mortgage in the near future, it is best to be prepared. Being prepared and having the right documents and information ready to present to your Mortgage Associate when you first meet can save tons of time, speed up the process and make things go smoothly.