Mortgage & Wealth Strategies
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Beyond The Rate
As expert mortgage brokers, we know building wealth through homeownership and achieving financial freedom is about more than just chasing the lowest rate—it’s about strategy.
We're taking you behind the scenes and giving you the insider tools and powerful strategies to get ahead. If you’re a first-time homebuyer, you’ll find everything you need to secure your first property and start building wealth from day one.
If you’re an existing homeowner, this is where you take control. Maximize the wealth-building potential of your current home with proven strategies for refinancing, leveraging equity, and optimizing your mortgage for bigger opportunities.
Your mortgage is more than a loan—it’s a gateway to long-term financial success.
Our goal is simple: to equip you with the knowledge and tools to make smart, strategic decisions that will transform your financial future.
Let’s get started.
First-Time Home Buyer Budgeting: What You Need to Know
May 31, 2023 | Posted by: Matt Broom-Hall
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Hey there, soon-to-be homeowner! As an Alberta first-timer, your journey to buying your first home is about to get real, but have no fear - we've got your back.
Let's dive into how to budget smartly, ensuring you’re set for an adventure that’s more exciting than stressful.
Think of your budget as your roadmap, guiding you to your dream home. The first pit-stop? Your down payment. This is your first big investment in your home, typically between 5% and 20% of the total cost. This isn’t just a casual Sunday drive; it's an upfront commitment, a promise that you're in this for the long haul.
Now, don't forget about the hitchhikers along the way - the closing costs. These sneaky expenses are just waiting for a lift, ready to hop into your budget at the last minute. They include the fees for legal services, inspections, and lender charges, so keep a seat ready for them!
Next up on our journey, your monthly mortgage payment. This is the bulk of your trip, your reliable companion that includes the principal (how much you borrowed), interest (your lender's travel snack fund), and any property taxes and insurance. To get a peek at what this travel buddy might look like, plug your loan amount, interest rate, and loan term into an online mortgage calculator.
Don't forget that owning a home in Alberta means embracing the adventure of ongoing expenses. You’re the captain now, which means considering costs like utilities, maintenance and repairs, and even homeowners association fees. Plotting these out on your budget map ensures that you can comfortably enjoy the monthly journey of homeownership.
Remember, your budget is your co-pilot, not your GPS. It's there to guide you, not to dictate your journey. Be ready to take detours, to explore new paths, and adjust for those unexpected costs. Budgeting for your first home doesn't have to be a tedious road trip - it's an exciting voyage into your future! With a little planning and flexibility, you can enjoy the ride and make your Alberta first-time home buying experience a joyous journey to remember.
Empowering you. Elevating Communities. Redefining The Mortgage Journey.
Matt Broom-Hall
Your Mortgage Pathfinder
matt@hellomortgage.ca