If you’ve always dreamed about owning your own home in Ottawa, it’s easy enough to get lost in that dream and jump into a home purchase without truly being ready. On the flip side, if you understand that buying a home is a big responsibility, you will be nervous to take the plunge and make a purchase. In either case, The Mortgage Advisors are here to help. We have provided you with a checklist of signs that may suggest that you are ready to become a homeowner:
You’re ready for the responsibility
Purchasing a home is a huge commitment and responsibility. You will now have to handle (and pay) for any repairs to your home or appliances instead of having a landlord take care of it. You will also need to start paying property taxes, property insurance and all of the utilities, including electricity, water and gas. If you are aware of all this and you are ready to take care of it all, there won’t be any surprises when you move in!
Your finances are under control
To go along with the financial responsibilities mentioned above, it’s not a good idea to jump into home ownership if you can’t afford it yet. If you won’t be able to afford to make repairs or pay all of the utilities on time, you should get your finances in order first. It’s very important to have some money saved to use as a down payment. Your mortgage payment will include a mortgage insurance premium and be higher if you don’t have 20% to put down. You can still purchase with as little as 5% down payment and the premiums are included in your mortgage, however the more you put down the less the premium and the lower the payment. So, if you are in a good spot financially (have a down payment, low debt, steady job), have been prequalified for a mortgage by your Ottawa mortgage broker and you have a good credit score, you are ready for the financial burden of owning a home.
You want to settle down
If you are interested in buying a home, it usually means that you are looking to stay put for quite some time. This is why it’s good to find a neighbourhood that is close to your work, ensures your children go to a good school, and is generally a safe place to live. If you’ve found a few neighbourhoods in Ottawa that fit the bill, you are all set to start looking for your new home.
If you believe you are ready to buy a home, you should contact The Mortgage Advisors in order to get prequalified for a mortgage. We are dedicated to offering you a unique level of service that makes shopping for a mortgage easy.