Vancvouer Mortgage Broker Aleem Peermohamed provides tips for first time home buyers

1. Hi everybody, Aleem Peermohamed at themortgagespecialist.com.
Over the last month or so I’ve been working with a few first time buyers, who have been
searching for the right home for quite some time. One buyer in particular, wrote an offer
that was accepted. As we continued through the subject removal period, the he began
having second thoughts-almost cold feet if you will. He was no longer sure that the place
was the right one for him, but he was afraid that of the consequences for backing out.
In my experience, this occurs quite frequently among first time buyers. I thought that
helping you understand the difference between cold feet, and having a legitimate reason
for concern, as well as understanding what exactly subjects are would benefit you going
forward.
From the time that you’ve decided to buy a home, if nothing material has changed (from
debts to income) since you began the financing process until you have an accepted offer
on a home, then it is likely that your hesitations are the result of having cold feet. You
need to trust yourself enough that you have thought about the amount you could afford
before you started looking for a home and that once you have found the home that you
wanted, if nothing has changed, it’s just cold feet. And, it’s very, quite common.
On the other hand, if there is something that has changed, perhaps you’re concerned
about hours being cut back or you’re self employed and you’re not getting the jobs that
you thought you were going to be getting. Or perhaps you didn’t like the inspection
report on the property even
Those are all indications that perhaps your apprehension is more than just cold feet. But,
don’t necessarily write off getting a home right away. Talk to your broker; let him or her
know of your concerns. Re-evaluate the situation instead of completely discarding the
idea of buying a new home.
Definitely, having a Realtor and having a mortgage broker on your team can help you to
understand the difference between cold feet and reality and whether that situation of you
buying a home for the first time is right for you.
That’s all the time we have for now, next time I will get into what exactly subjects are .
For themortgagespecialist.com, I’m Aleem Peermohamed