Incredibly Good Advice for First Time Home Buyers



Becoming a first time home buyer might be stress-full! This can be the biggest purchase of your life. Allow me to share some information that helps you with your journey toward homeownership.

Home Buyers Do not Have to Pay Commission to Their REALTOR®

Lots of first-time buyers speculate if they have to pay a real estate agent a commission if they are buying a home. For a few, the thought of having to spend extra funds may be enough to make them walk away from the entire process. Lots of people are shocked to find out that the answer is no. The wonderful news for home buyers is they do not to pay commission to their REALTOR® because the agent earns their commission from the seller. In the event of a private sale, this may not be applicable if the buyer made a legal contract with the real estate agent for a percentage of the purchase.


Don't Focus on Your Monthly Mortgage Payments

Getting pre-approved for a mortgage is the very first step that you should take as a first-time buyer. A frequent problem that buyers often make is centering on the total price of the home they can afford instead of the monthly payment that they will be making. You could get approved for a $550,000 home, but this might not be what you can afford. Consider the amount that your advisor suggested that you can afford as a range. Find out what you are comfortable paying each month. It is vital that you work with your advisor to figure out how your down payment amount, credit and the current mortgage rate affect your monthly payment.

Be Self-Confident And Move Ahead

From being concerned over the down payment to finding the “best” home, you will discover a lot of moments in the buying process that is going to make you feel stressed. Understand that it is normal and know that there is never really a perfect time. This is my advice: Take the jump forward with the purchase, if you feel cozy with the payment, love the location and the house.


Need help finding a Real Estate Agent in the Kitchener, Waterloo or Cambridge Area? Consider using Mike Bolger.



Mike Bolger, Sales Rep
Chestnut Park Realty Southwestern Ontario Ltd.
The Shops at Waterloo Town Square
75 King Street South, Unit 50 
Waterloo, ON N2J 1P2
+1 (519) 616-2656 
http://www.mikebolger.ca/
Location: Kitchener, ON, Canada

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