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Buying a house for the first time in your life may be a thrilling and exciting experience, yet it is a responsible and serious decision that has to be taken. For that purpose, any first time buyer would need a high quality, professional help in order to get a mortgage on the most possible beneficial terms and avoid default in the future. In particular, a good consulting gives a first time buyer an insight of what is happening in the market and how to manage the repayment of the debt in the future. Indeed, it is a very important aspect neglected by some first time buyers, and exactly this point may cause problems with the debt repayment. Getting a mortgage means that you will connect your life with a bank for about 20 years, and you must plan all the debt repayment and your cash flows adequately to happily enjoy your new house and avoid bad situations. A good and reliable broker will choose a mortgage for you based on the three main factors:

• the sum of the deposit you possess

• the amount of money you should borrow

• the amount of money you are able to afford in monthly installments

Depending on those factors, the broker will find the best option on the market for you. Furthermore, the mortgage broker will help you with the type of mortgage you will have to choose out of fixed rate mortgages, variable rate mortgages, tracker mortgages, capped rate mortgages, collared mortgages, cashback mortgages, offset mortgages, and many others. You may choose either a fixed or a variable rate mortgage depending on the advices of your mortgage broker and situation in the market. Choosing a right type of mortgage may save you thousands of dollars on the repayment of interest rates (if there are low interest rates in the market, for example, it may be better to choose a fixed rate mortgage). Moreover, you can take a mortgage with even 5% of the purchase price of your house thanks to the option of getting CMHC mortgage loan insurance, yet it requires an additional fee (insurance premium).

Our mortgage broker in Montreal will help first time buyers negotiate the best conditions in the contract and benefit from favorable terms. In addition, there are various ways of repaying the mortgage, and that is the question you should think about, too. There are different types of insurance like income protection, life assurance and critical illness, and it can save your home during a bad period that may appear in your life. Of course, owning a house is always a wonderful experience desired by many people, but you may get in trouble without a proper professional support. Having an experienced mortgage broker with deep knowledge is critical to every first time buyer for ensuring his own prosperity and enjoying a possession of his great house admired by the members of his family.