What is a first time home buyer program?

First time home buying can be quite a challenge especially for those intending to buy houses in Edmonton or Vancouver. However, with proper preparation and information, your transition to home ownership does not have to be a bumpy ride. Here are some key tips to consider for first time buyers in these two competitive housing markets.

This is one of the major reasons why most people are unable to save for a down payment for their homes.

Currently, a Edmonton first time home buyer is expected to make at least 5% down payment on the total price of the house. This can mean you’re starting the hunting process $25,000 or more in the hole if you’re moving from Vancouver where prices are high to Edmonton where values are on the rise. Save more money for a down payment by creating an automatic transfer and saving part of your tax refund or bonus for your home fund in the following year.

Vancouver first time home buyer

Getting Pre-Approved

Consult with a mortgage broker or bank and secure pre-approval before going through the houses. It demonstrates to the sellers that you are serious and ready to buy. The pre-approval stage entails analysing the borrowers’ income, debts, assets, and credit score to identify the optimum mortgage size. This allows you to shop with a clear understanding of the price range you are willing to pay.

Making an Offer

In both cities, it means that there can be bidding wars due to limited housing stock. Pricing is an important factor–make sure that you set a reasonable price based on the current trends of similar homes in your neighborhood. Consult with your real estate agent and coordinate a captivating proposal and use containers that shield you, such as a home inspection you are happy with.

Again when it comes to using programs for the first time one can easily learn how to go about it by following simple instructions.

Each province has incentives for first time homebuyers: they can be provided with money for closing costs or have lower mortgage rates. Edmonton has the First Place Program while BC has programs such as the Vancouver first time home buyer’ Program. Whether one is eligible depends on the rules of your state and your broker or agent can assist you with this information.