First Time Home Buyer Barrie

Most Barrie residents aspire to home ownership but purchasing a home can be a daunting task especially if you are buying your first home. There is no doubt that this is an exciting time in anyone’s life, but the road to home ownership is fraught with risks.

Almost everyone dreams of owning their own home. In recent years it has become more and more difficult for young people to turn that dream into reality. When the time comes to start looking for your own home you’ll find that it is an uncertain but exciting time, and you need to understand all the technicalities, the terms and conditions and the practical ins and outs of negotiating your first mortgage.

As a first-time homeowner, you will, no doubt, need to take out a mortgage to buy your Barrie home. A mortgage is a large loan that is taken from a mortgage loan provider using the purchased property as collateral.
What this means is that if you fail to make the payments in the agreed amounts at the agreed times, your house will be repossessed and sold and the money used to pay the mortgage provider. A mortgage can take up to twenty-five years to repay. The period that you take to pay for the property is called the amortization period. Over this period, you will pay both the interest and the principal amount.
When you take out a mortgage, you will agree on certain terms and conditions. One of these will be the term of the mortgage. This can be anything from six months to ten years. In Canada, the most popular term is five years.