So its happened; you’ve found the place you were always looking for. The home that you have always imagined and dreamed about, where everything is perfect or just about as good as it could be! However, as with so many of the best things, it comes at a high price so what do you do? Right now, you are lucky in that the US housing market is showing real signs of stability and growth, with historically low mortgage rates that create a perfect opportunity for you to finance that dream home you have always wanted.

So where to start? To make things clearer, I’m going to use an example; let’s say you’ve found your dream home in Miami, that beautiful waterfront property with the heated swimming pool you have always wanted. For obvious reasons this dream home is going to be expensive but who can put a price on happiness anyway! Careful examination of your finances is important at this point, buying a home is one of the most important decisions in your life and you need to make sure that you are in a suitable financial situation to make such a commitment; you will potentially be expected to finance a deposit on the home, along with other possible expenses such as surveyors or broker fees. It is therefore essential that you are in a comfortable position from which to proceed.

The next step would be to contact a local mortgage broker; a possible alternative is to contact a direct lender, however a broker will have a wider range of lenders on hand and greater expertise in acquiring you a mortgage. So, returning to the example, you now know you are in a stable financial situation to fund a Miami jumbo mortgage; from this point you need to apply for a mortgage loan and its during this application process that an experienced mortgage broker can make all the difference. If you have particular financial needs, a good broker could still potentially arrange a mortgage with a direct lender, meaning that you can still finance that dream home! Effectively, you are paying for expertise and a wide range of direct lenders that can potentially get you a better loan. However you do need to be prepared to be assessed on your job tenure, employment stability, assets and your liabilities (such as household expenses and other loans).

Central to acquiring a good mortgage will be your credit status, which will also be checked by a mortgage broker to see if you are eligible to receive a loan. In this way, you should be able to arrange a mortgage that will allow you to finance your dream home; the trick is finding an experienced mortgage broker who can then act as an intermediary between you and the lenders, to ensure you do get a great rate and can get that home you have always wanted.

If you have never bought a home before and you want to take that step, you are probably looking for information about mortgages for first time buyers. This is a smart move. You are wise to educate yourself before entering into any financial agreement. You will probably be paying for your home for the next 15-30 years, so you need to get the financing right the first time.

Get Everything in Order
Firstly, you need to get all your financial documentation together. When you apply for the loan, the finance company will want to see your earnings, how long you have been at your current job, how much money you have in the bank and investment accounts and how much you owe on other bills. You will also need identification and proof of residence. The loan officer will do a credit check, which will determine your eligibility.

Talk to a Finance Company Before Choosing a Home
Many first time buyers get this backwards. They go house hunting and fall in love with a home and then they try to get a mortgage. Sometimes that can end up being heartbreaking because they found more house than they can afford. If you determine how much you qualify for first, it will make the shopping process much easier.

Talk to several mortgage companies before choosing one. They do not all have the same programs or interest rates. You may be able to get a good feel for a company before getting more serious about filling out an application. You can learn a company’s interest rates and many other things on its website. From there, you can start narrowing your prospects down. That is important because you do not want too many inquiries on your credit report.

Before a mortgage adviser runs a credit check, they can make a good estimate of how much they can lend you. If you talk to several lenders, you will start to get a feel for who is telling you the truth rather than just enticing you to do an application. Again, that could result in too many inquiries.

Educate Yourself about the Various Kinds of Mortgages
It can be confusing trying to sort through all of your financing options and the wrong place to do that is in front of a banker. The excitement can lead to wrong decisions, so you must have a plan together when you apply for your loan. This is not to say a good advisor cannot educate you on your options, but the more you know, the more you will understand at your meeting.

You may be able to get a government-backed loan, such as a VA or FHA loan. Sometimes that makes getting financing easier. As far as interest rates are concerned, some are fixed, meaning they stay the same throughout the loan and some are adjustable, which means they fluctuate in accordance with an index. Sometimes the latter can be appealing because they may lower payments in the beginning of the loan. However, they may be too high later on.

If you think you will soon be among those seeking mortgages for first time buyers the most important thing you can do is make sure your credit is as good as possible. Even if you think you will not be ready to finance a home for a few years, start working on good credit today. This will improve your chances of getting a loan and a good interest rate. Additionally, now is a good time to start saving a down payment because you will probably need it.

The defenders of the rights of tenants want Quebec creates a rent roll. To prevent increases in “abusive”. When I ask owners of apartment buildings what they think, they all tell me: when a record of bad tenants?

Subsequent stories: an owner must pay $ 1,500 because a cat has peed all over the carpet, to the point where the owner had to pull the carpet and replace it entirely. A tenant has painted in dark red two-room apartment – even if the regulation prohibits the building. A pig’s waste piles in the living room. Or throw out the window …

Returning to the rent roll. It would allow tenants to know, in a phone call, the last price paid for an apartment that interests them. And go complain to the Board if the new prices posted their is too high. This proposal is defended. It is a question of law and transparency.

But the part of owners, who often benefit from a change of tenant to raise their prices, it is feared the arrival of such a register. A growing number of new tenants could use to limit rent increases.

The real problem
The crux of the problem is the control by the Board of Housing rents in Quebec. The increases suggested for years, are disconnected from market realities. And well below the price development of the buildings.

Yes, rents rose sharply in 10 years. But much less than the cost of homes and buildings. What about municipal taxes, following the same trajectory. Should we be surprised that the owners seek to increase their rents to reflect the market and cover their costs?

Abuse surely exist, as everywhere. The owners are not angels. They are there to make money. But in the context of sudden increases in rent can sometimes be justified. For example, if the previous tenant had been limited for years the price of the rent with the Régie, some owners will take advantage of the move to put the price of their rent in the market.

Vicious circle
Above all, control of rents – if it does not match the reality of the real estate market – can have disastrous long-term effects. First, it makes it less profitable to build new rental housing (why do you think it is built so many condos in Montreal, and so little rental housing?)

Not only reduces the stock of buildings, but also its quality. The owners will be reluctant to invest and renovate their homes if they can cover their costs with an increase in rents. And given the housing shortage and price controls, some do not even feel the need! They know that renovation or not, their homes will be rented at the same price.

In the end, you end up with less housing, and shortages. Result: the owners remain with the upper hand. We’re no further ahead.

To help households to collect higher rents, it would be wiser than the government directly subsidizes families and individuals. Such direct assistance would target those who need it – for the wealthy also benefit from rent control. Above all, avoid the negative effects of a policy of rent control, which in the long run, cause more damage than good.