April Nurse, a consumer lending manager with Steinbach Credit Union, has some simple advice for first-time buyers who might be feeling a few butterflies: Relax. It’s something almost everyone experiences the first time they buy a house or condominium. “People come in and they’re unsure about what they can afford and taking on a mortgage,” Nurse says. “Once you’ve had a mortgage for five or 10 years it’s nothing, right? But that initial jump can sometimes be a little worrisome for people.” Nurse recommends shopping around for a mortgage provider. While interest rates are a major factor in determining which lender home buyers choose, she says it’s also important to pick one you trust.
“The relationship that you have with your financial institution goes well beyond the purchase of your home. It’s a relationship that you could have for a long period of time … and you need that relationship with someone you trust. There’s a lot of value in that.” One of the first steps for anyone considering buying a home is to make a budget that includes everything they spend money on, from cellphone bills to contributions to a savings plan. That will help determine how much they can afford to spend on mortgage payments. “We have guidelines that we use to determine what percentage of your income can go toward paying your debt, but only the individual who’s buying a home knows exactly how they spend their money,” Nurse says.
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THE RELATIONSHIP THAT YOU HAVE WITH YOUR FINANCIAL INSTITUTION GOES WELL BEYOND THE PURCHASE OF YOUR HOME. IT’S A RELATIONSHIP THAT YOU COULD HAVE FOR A LONG PERIOD OF TIME … AND YOU NEED THAT RELATIONSHIP WITH SOMEONE YOU TRUST. THERE’S A LOT OF VALUE IN THAT.
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