First Time Buyers – Best Real Estate Agents in Surrey
Purchasing your first home is an exciting milestone, but the process can feel overwhelming. Having the right real estate agent by your side can simplify everything. Whether you’re searching for foreclosure properties, homes for sale by owner (FSBO), short sales, or just exploring general listings, we’re here to guide you every step of the way. Contact Sara Sharma at 604-992-7253 for a foreclosure list and let us help you find your dream home in the Lower Mainland and Fraser Valley, including Vancouver, Richmond, Burnaby, Coquitlam, Surrey, Delta, Tsawwassen, White Rock, Abbotsford, Chilliwack, Mission, and Maple Ridge.
Key Things to Remember as a First-Time Buyer:
- Your Credit
Your credit history plays a significant role in your ability to secure a mortgage. It consists of:- Credit Report: Detailed information about your credit history.
- Credit Score: A numerical assessment of your creditworthiness, ranging from 300 to 900. The higher your score, the better your chances of getting favorable loan terms. Here’s how it breaks down:
- Under 450: Poor credit, difficult to obtain credit.
- 450-650: Acceptable by some lenders but may come with higher interest rates.
- Over 700: Excellent credit, leading to better loan terms and interest rates. The two major credit reporting agencies in Canada are TransUnion Canada and Equifax Canada.
- Mortgage
Before making an offer on a home, use a Mortgage Calculator to estimate your potential monthly mortgage payments based on your income, debts, and other financial factors. This will give you a better idea of what you can afford.- Pre-Approval: Getting pre-approved for a mortgage helps you understand your exact budget, streamlining the home-buying process.
- Down Payment: Depending on your financial situation, you may only need a small down payment to secure your home.
- Closing Costs: In addition to the home price, don’t forget about closing costs, such as legal fees, property taxes, and utilities. Make sure your budget accounts for these expenses.
If you’re ready to start your home-buying journey, contact Sara Sharma for personalized assistance. We’ll guide you through each step to ensure a smooth and successful purchase!
