Common Challenges That New Homebuyers Go Through
Buying a house is not an easy task. Starting from searching for the best location and the right property to obtaining finances to secure the place, there are many problems a home buyer faces before and after buying their dream house. Additionally, some of these challenges could end up being quite expensive if not addressed early. So to help you out, Nola Stairs has explained how to solve some common challenges that new home buyers go through.
1. Not having enough funds for renovations after possession
Determine what big-ticket items are the most important for you and get quotes for the cost of these items. These costs can be added to the price of the home. Once you have taken possession, you can call a contractor to have the renovation work done. This could either be because the property needs maintenance or simply because you want your new home to be well suited to your requirements. The funds for the renovations will be released to you to pay for upgrades throughout your mortgage. For this reason, you must make sure you properly assess the costs that will be involved well before you buy the house.
2. Not having enough funds for a down payment
Check if your parents or spouse can help you with the down payment. Not only would you save a great deal of time, energy, and paperwork but also secure a lender who will be more compassionate and sensitive if you are unable to repay the loan within a specified timeline, owing to some unforeseen event. If a family member has agreed to gift you your down payment, that is even better. However, this person must be a blood relative for the lender to accept the finances. The family member can either gift you the entire down payment or a portion of it to get you started.
3. Not qualifying for a mortgage because of credit history or shortage of income
If your income isn’t high enough to qualify for the loan you’re applying for, a co-signer can help. A family member can co-sign the mortgage until you, the purchaser, are able to qualify on your own. Then the co-signer can apply to be removed in as little as a year after the mortgage is funded as long as you, the mortgage holder, can qualify on your own. A co-signer helps because their income will be included in the affordability calculations. Of course, the key factor is to ensure that your co-signer has a good employment history, stable income, and good credit history.
If you’re looking for a licensed mortgage broker and realtor in Prince George, BC, reach out to Nola Stairs. I have been licensed as a realtor since 1992, which I did for five years, and then activated my mortgage broker’s license, which I did for eighteen years. In 2015, I combined both my interests. I have a vast knowledge of both the real estate and mortgage broker industries, which helps serve my clients more efficiently, and I can share my knowledge of different mortgage programs. That enables me to help them purchase the perfect home or secure a mortgage for refinancing and payout some bad debt or build that new garage. I offer mortgage services like first mortgages, second mortgages, private mortgages, mortgage renewal, refinance mortgage, line of credit, and reverse mortgages. I also provide real estate services like residential real estate, real estate purchase, real estate sales, buyers agent, and sellers agent. To learn more about the services I offer, please click here. To get in touch with me, please click here.