Would you like to purchase your first home in the next couple of years? Overwhelmed and not sure where to start? We’ve made it simple by outlining 3 steps for preparing to buy your first house.
Most of us share the dream of one day owning our own home. We want the freedom to make our own choices about renovations and decor. As well, a home is a great investment that can grow in value over time.
It is vital to protect a debt as large as your mortgage, which is why it’s always recommended that homeowners purchase mortgage life insurance. MLI will cover the total repayment cost of your home if you die or suffer from a critical illness.
20/20 Mortgage Life Insurance Provides Many Attractive Advantages Including:
- Flexibility to move your mortgage as you remortgage your home
- Low payments that remain the same for the entire time of your policy
- Freedom of choice
There are options available to protect your investment, although many new homeowners are only aware of Mortgage Insurance, the option offered at the bank. It is well worth making an informed choice.
Want to know what your options are? We at AIME would be happy to help you learn the difference between the various options and explain the advantages of the 20/20 Mortgage Life Insurance! Contact us today.
Preparing to Buy a Home in 3 Easy Steps
Being a first-time homebuyer can be an overwhelming process. Here are some tips that can help you navigate the process, save some money, and avoid common mistakes.
1. Save
You will probably require a down payment of at least 5%. If you want to avoid the extra payments of Private Mortgage Insurance, you will need 20% down.
Most people are aware of the down payment, but have you heard about other fees required when purchasing a home? This includes:
- Closing costs
- Land transfer taxes
- Legal fees
- Insurance fees
You also have to remember to factor in real estate agent fees and a home inspection fee.
WHEN IS THE BEST TIME TO BUY A HOME?
2. Figure Out What You Can Afford
Find out what your credit score is and if it is low begin the process of improving it. There are many ways to increase your credit score, but they all begin with living within your means.
Two ways to figure out how much home you can afford include:
- Create a budget so that you are aware of how much money you have coming in and going out monthly.This will help you to begin to get a sense of what you can afford to pay monthly for a mortgage.
- Get preapproved for a mortgage.This will assure the best use of your time by making it clear where your price for a home maxes out.
3. Gather Information
One of the most important things you can do when buying a home is to educate yourself. Start learning about your mortgage payment options and which options are available to you. This will help you make the most informed decision and help you avoid any costly mistakes.
Why Choose 20/20 Mortgage Life Insurance
At AIME, we pride ourselves on offering simple and transparent mortgage life insurance at affordable costs to help keep your family financially protected during some of life’s most difficult moments. From a quick application process to customized policies, we make it easy for you to find a product that works for you! Some of the benefits we offer over bank-issued MLI include:
- You can choose your own beneficiary
- Lower costs
- Greater convenience
- More flexibility
3 REASONS YOU SHOULD BUY 20/20 MORTGAGE LIFE INSURANCE
Call Today
To find out more about our Mortgage Life Insurance and how it can help provide not only security but freedom and choice, contact us at 1-844-974-2020 or fill in our online contact form.
