Buying your first home as a young person can be one of the greatest things you can do for your long term financial health. I want to share 5 tips for people that are under the age of thirty that will help you get the best deal for your house. The better your credit, the easier it is to get financing for your first home.
- Establish 3 credit accounts and ALWAYS pay them on time . Never allow the balance to go above 60% of the credit limit. It is better for you if you have the credit for at least 24 months.
- Save until you have at least 5% of the purchase price to cover closing costs.
- Don't take a loan for a cool car or a big screen TV. These are assets that a guaranteed to depreciate anyway.
- Don't co-sign loans for friends. This can lead to trouble and not only for your credit.
- Look for a great starter home possibly with suite income which is very common in the Lower Mainland.
1 comment:
i am a ninteen year old not the average age of a new buyer, but i big goals and wanted to to know how would i go about buying and hopyfully selling the property for a big profit margin within 6 month. Beening that age 'ovcourse would expect a poor credit but i have the right links in refurbing and increasing the value by a large sum.i would like sum advice as a could get my father to invest certain amount of money (5% / 10% of the property) but need maybesome sort of lope hole to get a mortage under my name. bythe way i dont work so most banks will usally say no. do u think i can go to them as a business proposal?
thankyou for time
please email me on: adeel.ahmad@hotmail.co.uk
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