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You see it on the TV news all the time: desperate families being turned out of their homes during foreclosure proceedings. There are tears, declarations of bankruptcy, and a lot of talk of unfairness. But why do some Toronto mortgage purchases end so badly? Usually, it's because the buyers failed to educate themselves or look past the short term to see what type of mortgage was best for them. To help you keep from becoming the latest sob story on the local news, we've compiled these tips for first time mortgage buyers like you.
Have a Down Payment
One of the factors that contributed to the mortgage crisis in the first place was lenders offering no or low down payment mortgages with high interest rates. You may think that having no down payment is better because it means you can buy your Mississauga, Canada real estate without saving, but this will cost you thousands of dollars in interest. Therefore it's recommended that you save up at least 20-25% of the total cost of the home as a down payment.
The current low cost of real estate can make it tempting to overreach yourself financially by buying a bigger property that will appreciate in value in a few years and put your property taxes through the roof. Look at past tax rates for any Mississauga real estate you plan on buying and make sure you can still afford it when the market recovers. Also don't forget about any existing debts (such as student loans, credit cards) when figuring out how much home you can afford.
Make Your Payments
The attitude that loans are essentially free money is what lands people on TV shows like "Till Debt Do Us Part." Mortgages, like other loans, are a service done for you buy the bank. They make their money trading on gold bullion prices but also on people like you. They expect their payments on time and if they don't get it they may foreclose and turn you out. To keep yourself out of this situation, make sure your monthly payments aren't more than 30% of your family's monthly household income.
It is a fallacy that if you are pre-approved for a mortgage by a certain institution that you have to jump on it and take the loan on their terms. Ask your Arlington, TX real estate agent which lenders they recommend and visit them each in turn, comparing the interest rates, amortization periods, and flexibility of terms between institutions before choosing the one that fits your needs best. Just because you don't have the best credit doesn't mean you should give your business to an institution that intends to drain you dry.