Whether it's a construction mortgage or a mortgage for a residential home, getting your first home loan in Richmond (or anywhere else) shouldn't be a traumatic experience. It should be a positive step. You should feel empowered and grown up. Unfortunately, there are so many different types of mortgages and lenders out there that the process of getting a mortgage can seem scary to first timers. To help lessen your anxiety about the process, here are our tips for getting your first mortgage.

Do Your Research

It is precisely because there are so many mortgage options out there that you should take pains to do your research before you decide on a mortgage. Go out of your way to learn about amortization periods and interest rates and the resale value of St. Lawrence Market condos, even if it's just a few minutes of reading on Wikipedia. A knowledgeable customer is a customer who makes the best choices for himself. So be knowledgeable.

Shop Around

It might be tempting, if you see that Marcus Mortgage is offering a good deal in the paper, to simply take it. But you need to visit several lenders and get numerous offers on the table to see which one is best for you. You also need to feel comfortable with your banker and trust her not to cheat you. If any of the representatives you talk to are pushy, you are not obliged to put up with it. Simply leave and find someone else. Remember - your banker is someone you will be dealing with for many years.

Don't Overreach

Everyone wants to have the level of comfort that they feel they deserve, but unfortunately not everyone can afford it. Just because you're buying property doesn't mean you have to buy your dream house right away. Get your Oshawa realtor to show you starter houses that you can afford. You can always trade up as your finances improve. Basic guidelines are to save a down payment of at least 20% of the purchase price and to spend not more than 30% of your income on your mortgage payments.

Get Pre-Approved

There's nothing more embarrassing than putting in an offer on a house and then having to withdraw because your financing fell through. To keep this from happening to you, most private lenders for mortgages do pre-approvals, which are like tentative yeses. You can get one before you even start looking at homes.