Home Purchase

Owning your own home provides several benefits. In addition to the satisfaction of being a homeowner, you can build equity, enjoy tax deductions, say "good bye" to your landlord and take control of your living environment.

Whether you are a first-time home buyer, renter, or are purchasing a new or second home, we have an assortment of tools and loan programs to meet your individual financing needs.

When it comes to an investment as important as your mortgage, experience really matters! With many years of responsible lending practices, LendSmart Mortgage has earned the respect of the professionals in the industry and the trust of its clients.

Important Considerations When Buying a New Home

1. Before you start to go shopping for new homes, consider how much you can afford to spend. You will have to make a down payment on the home so you must factor in the amount you can afford. It is important to be aware that the higher the down payment, the less you will have to pay on your monthly mortgage repayments. Get pre-approval from a lender for a mortgage so that you know exactly how you can afford. Remember you have to consider additional fees such as attorney fees, taxes, attorney fees, real estate agent commission, closing costs, title registration fees…etc. Having a good credit history and a stable income will go a long way to getting an affordable mortgage. As well, there are online mortgage calculators that will help you determine how much you can afford.

2. Before you begin looking for a new home, you must consider what type of home will meet you and your family needs. Factors to consider include: the location of the home, size, property size, number of bathrooms and bedrooms, location to schools, work, and amenities, and the neighborhood. Considering your needs will help you narrow your search. Remember, your needs will include your present and future situation.

3. Consider hiring a real estate agent. Although an agent gets a commission, an agent is an expert in finding a home that is exactly what you want and can afford. They will make sure the home is suitable and negotiate the price on your behalf. They will also have knowledge of the neighborhood and surrounding community. He or she will be able to take you to view homes that will be suitable to your needs.

4. To make sure the home you choose will be a sound investment, it is beneficial to hire a building inspector. A building inspector will assess the structural integrity of the home, wiring, features, foundation, roof, and plumbing, to make sure there are no apparent problems that could cost a lot of extra expense.

5. You should also consider the materials used to construct the building and the quality of the furnishings. Today, energy efficient homes have been growing in demand. You should consider the type of materials used to build the home and the energy efficiency of the home. The features should be modern such as quality windows, durable roof, wiring for the latest security devices, and using the latest technology such as multiple phone lines and high speed internet. If appliances are included in the home, check to see if they are energy efficient. This will avoid spending money to upgrade the home.

Buying a new home is not only an exciting time in your life, but also a time that requires careful planning. Careful consideration of the factors involved with buying new homes will ensure that you buy a home that you will love and can afford.