First-Time Homebuyers in Toronto

Buying your first home in Toronto or its surrounding areas, can be an incredibly exciting, rewarding and intimidating experience. The hot market in Toronto can make it difficult to find the perfect home right away, and many first-time homebuyers have a lot of questions and concerns about getting a mortgage. Buying a home is one of the biggest purchases you will ever make. Where can you turn to for impartial help and advice for all of your mortgage concerns?
Dealing with a professional mortgage broker is an excellent way to successfully navigate the many unknowns and obstacles that a first-time homebuyer faces. Mortgage brokers can explain all of the potentially confusing terms such as fixed rates and variable rates in simple terms, making them easier to understand. They can also look at your unique situation and provide professional advice on which type of mortgage and what mortgage options work best to help you achieve your mortgage goals.
Are you having trouble coming up with the down payment for the new home? A mortgage broker will help you explore the different options for securing the money necessary, such as the ability for first-time homebuyers to use RRSPs for the down payment.

Avoiding Common First-Time Buyer Mistakes

A lack of knowledge about the entire mortgage process can often lead to costly mistakes that add up to significant amounts of money over the mortgage term. Mortgage brokers have the experience and industry expertise to help first-time homebuyers avoid many of the mistakes that are made.  
First-time homebuyers may have difficulty with understanding how much of a mortgage they can afford. Mortgage brokers can help you understand your financial situation and the amount of mortgage you can afford. A pre-approval can then be secured to help you maintain a good interest rate for a period of time and move quickly when you find a home that you want to purchase. In a hot market like Toronto, being able to make an offer quickly can make all of the difference.
It is a common mistake for first-time homebuyers to take the first mortgage rate that is quoted. Failing to shop around for the best mortgage rate and terms can result in many more thousands of dollars in interest being paid over the course of the mortgage. Mortgage brokers specialize in creating competition among a large number of lenders; instead of applying for a mortgage through one or two different banks, a mortgage broker will have up to 50 different lenders competing for your mortgage. This competition results in the best mortgage rates with the most favourable terms available.

Finding the Best Mortgage Broker

Many of the top mortgage brokers in Toronto offer a free consultation for potential clients. This is an excellent opportunity to meet with the broker to discuss your situation and ensure you feel comfortable.
Choosing a mortgage broker with AMP (Accredited Mortgage Professional) designation with CAAMP  (Canadian Association of Accredited Mortgage Professionals) is a great way to make sure your broker has the knowledge and professionalism necessary to help you successfully navigate your first home purchase.
First-time homebuyers in Toronto can avoid common mortgage mistakes and take the guesswork out of buying a new home with the help of one of the top Toronto mortgage specialists today.


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Lawrence Goldenstein, AMP

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Lawrence Goldenstein | Mortgage Agent
Mortgage Intelligence        |        416-877-0806        |        |
609-255 Duncan Mill Road,   Toronto,   ON,   M3B 3H9,   Canada
Head Office:
Mortgage Intelligence | Broker #: 10801 / 10428        |        600-5770 Hurontario St., Mississauga, ON L5R 3G