Looking to buy a home?

Question

I live in Winnipeg, MB

My boyfriend and I are looking to buy a home in October. We will have a little bit for a down payment. Together we only make around 42639.96 a year. We were going to rent a house, but it seems more worth it to try to purchase one. Are there any suggestions, we are both first time buyers and want to go about this the right way! We want to prepare so when it is closer to October we will know what we have to do for our search. Also, does anyone know anything about rent to own? Thanks, any information and/or suggestions are much appreciated!

Oh, also someone told me we would need a joint bank account to put our credit together to get a mortgage, is this true? I have good credit and my boyfriend has NO credit, he has never had a credit card or anything. He is applying for a credit card soon so that he can build up some credit.

We've been together for a very long time, I am not religious, and do not see need for marriage right now, and that is none of anyones business. This is directed to the 2nd comment below.

Answer 1

Hello, I'm a mortgage broker from Edmonton, Alberta. I'm not trying to solicit business as I won't do financing outside of Alberta. But I will give you some advice that I give to all first time buyers. You will need a team of professonals that you like and trust to help you buy your new home.

1) Mortgage Broker
2) Realtor
3) Lawyer
4) Home Inspector

The first thing you should do is speak to a reputable mortgage broker and tell them your situation. Don't apply for a mortgage now as the maximum rate hold is 120 days. Depending on your credit you may be able to get pre-approved, you will be the main applicant as you have the credit rating. It usually isn't that big a deal if one of the applicants has no credit history, so your boyfriend may be OK. When you have found out how much you can afford, then you can start looking with a realtor.

Most people know realtors, so you could ask family & friends to recommend one to you. I would go for the realtor who has the best knowledge of the area that you want to live in, and who is looking out for your best interests and not their own.

With a lawyer & Home Inspector ask family & friends for a recommendation. I would only use a lawyer who has experience in real estate law.

Of course you can also look for properties yourself you can try looking in http://mls.ca this will give you a good idea of how much the properties are in you preferred area.

One thing to remember is that on average people will move every 5 - 8 years as their situations change. So don't get dispondant if the first home you buy is not yout dream home, it's simply the first step to it.

You can go to my website http://albertamortgageguy.com and use the mortgage calculators and if you have any questions you can contact me there.

Here's a quick tip for when you have been pre-approved, found a place and have made an offer. Have all the documentation that you need before you even make an offer. This will make the whole home buying experience less stressful. As usually you will only have 1 week (In Alberta) to remove the finance conditions. I can email you the usual documents that a lender will require if you contact me at my site

Answer 2

Being prepared is probably one of the best things you can do for yourself. first- get preapproved (it's a little early but at least you will know how much your qualified for.)Then ask some friends/ relatives for referrals on Realtors. Interview them, see who you are comfortable with. Tell them what, where,size, all information . Even tough Oct. is months away its really not to early to start looking/, who knows maybe that dream house will come on the market before Oct. and your all ready prepared. Way to go! so, shop for your Mortgage, interview for a Realtor($cost you nothing for representation- even if its a new one). As far as rent to own its really not such a great idea.

Answer 3

Wait until you're married - your credit will be tied together then.

Girls who sleep with their boyfriends before being married to them are ill advised. Don't tell me "Everybody's doing it." Everybody is also getting divorced (often because of emotional baggage brought into the marriage from previous sexual relationships).

Gilrs who move in with their boyfriends before being married to them are foolish.

Girls who buy a house with their boyfriends... well that's just plain stupid.

Hope this answered your question "Are there any suggestions, we are both first time buyers and want to go about doing this the right way!"

Answer 4

hire a house inspector on the homestead you have an interest in. They understand what to seek for. not all cracks in beginning place are matters. would desire to look a the pipes, heating structures etc....