With a limited amount of inventory count in properties and constantly rising prices of homes for sale in Abbotsford, Bradner, Matsqui and other nearby areas it becomes necessary for the first time owners to spend their money wisely on the property they really wish to purchase. One of the biggest challenges is the low cash availability with the first time homeowners.

Thus, if you are also looking forward to buy your first home, then there are certain factors that you should keep in mind for a successful home purchase deal.

Analyse Your Financials:

• Before going ahead with any deals it is a good idea to check your credit and remove and discrepancies in the same. The next step is to save enough money for a down payment, slightly more than the required 20% as there will be added expenses after the purchase.
• To check credit- go through your credit reports associated with credit card or other related debts in the past. You can get your FICO score for free along with your credit card related details.
• A credit score of 740 is a good one and can be attained by making all payments in a timely manner. With a good score you can get a mortgage at 20% down payment, which is an added advantage when dealing with insurance and mortgages.

Exploring All Available Options:

• If you don’t have a high credit score and can’t afford a 20% money down option, then explore the market for various financiers who would be able to provide mortgages at lower down payments and significantly better interest rates as compared expensive mortgages.
• However, there will be tradeoffs- for example if you opt for a 30 year loan then you might have to pay 1.5- 1.75% extra as compared to other financial options along with added insurance fees which can be up to 1% of the mortgage.

Pre Approval:

• Pre approval refers to the phenomena where the lenders evaluate your credit history and score based on verified income proofs and individual’s assets. In case a person is able to get a pre approval, the whole mortgage process becomes easier.
• If you are looking for a smooth deal for then it is recommended to go for pre approval evaluation.

Having a Right Representative:

• Although, a lot of people might want to dismiss the idea of having a real estate agent in the home buying process, it is highly recommended for first time homeowners.
• The right representative will help you find the listings best suited to your needs and will make sure that you get the right deal by taking care of all inspections and handling final negotiations.

Making Smart Offers:

• There are seasoned buyers in the market and they can give you a hard time if you try to go head on with them during your purchase. Try to find properties which haven’t been listed as popular ones yet or visit the listings which were overpriced initially after a month’s time.
• Chances are that you will find the best deals after time has passed as the sellers will take less as compared to what they mentioned in their listings.

Flexible Approach:

Ask your agent to find out what the seller expects exactly and plan your move accordingly. Use the underlying circumstances to your full advantage whenever possible and grab the best deal of your real estate purchase.

Visit http://abbotsfordhomeforsale.ca/ to find best deals on the listings in the places you desire. Their quality driven real estate services will help you find the perfect home you and your loved ones.