For most people, buying your home is one of the largest investments they would make in their entire lives and making sure that you get it right now if you have watched my other videos, I talked about the benefits, pros and cons of owning your home when you should.

Only when you should these, But assuming that you are ready and you're ready to take a leap of faith and you're ready to buy your first house, what are some of things that you should watch out, right?

So don't buy house until you watch this video.

So before you go there and buy your first home, the first tip I want to give you is to make sure that you have consistent income coming in with the banks and lenders.

What they want to see is not just hey, you make some money this year, but next year you know your income stability is not there, especially when it comes to self employed.

If you're self employed.

You are a business owner to the banks.

That is a risk because they're not so sure.

You may have a Greek first year, but I'm gonna have a great second year.

What about 30 year?

What about fourth year?

Still, the stability and consistency off income.

It's very, very critical to the bank.

One of things that you could do to know how much a house you could afford.

It's actually to consult and talk to a mortgage broker in your mind.

You may be thinking, Wow, you know, finally, I'm gonna buy a $1,000,000 home.

But after I talked to a mortgage broker and the mortgage broker will let you know Hey, maybe you know the best you could afford based on your current income is actually how's that is $750,000.

So then you have to adjust your expectations, right?

If you need shoes in a different neighborhood, depends on what you like by for some.

Maybe you'd like a bigger home, right?

For some you want convenience?

Maybe you're like a home.

You want a condo instead.

It depends on what is your personal preference.

I remember back then when I want my first house in Vancouver.

I was very nervous, right?

Because at the end of day is still a very large investment.

And I didn't know a lot of these things I'm teaching you and then I figure out, OK, actually, I need I need some of these things in place in order to buy the house that that I wanted, but to be able to create your dream home now, at the time, it wasn't a very expensive house where it compared to what I have today, but still he was.

It was quite an experience.

I know what you are going through.

So that's the first tip for you.

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Second tip is to make sure that you have good credit score.

Right?

Having good credit is very, very important when it comes to getting your mortgage.

You see, This is why my other videos.

I talked about credit cards.

Most people, they're so scared.

Credit cards.

And for some, they don't use credit cards because they don't trust themselves, right?

They lack self disciplined afraid.

Immigrants spend all that money again to credit card debt.

But if you use your credit card wisely, you're a master of credit card, not a slave to credit cards, right, and then you use it and you pay off the balance every single month, right?

If not early, you will get better credit.

You build up your credit score.

So if I'm there now, when you need to get a mortgage, you're in a better position to get the loan that you need to get the mortgage that you need.

So if your credit score is above 7 40 chances are you will be able to get their mortgage.

No problem, right?

If you're 7 60 then you're in very good shape.

Assuming you have consistent income coming in, Maybe it's a couple.

It shouldn't be an issue now.

If it's below 700 then you might have just a little bit more challengers or the bank.

My charge, your higher interest rate.

So I know what you're getting yourself into.

Tip number three.

Making sure that you have at least two years off tax return.

So again, the bangs and the lenders, they look for that, right?

Do you have a consistent income?

If this is a brand new job, it would be like I'm not so sure.

How long gonna stick around at this job?

I'm gonna be able to keep this job.

If it's a business, it's the same thing they want to see at least two years sometimes to thief 34 years, right.

They want to see that track record.

So consistency to the banks is very, very important because they know they want to know that you're able to pay back the mortgage and pay back the loans, right?

They don't want to fall clothes, you or anything like that.

Right?

So that's very critical.

So before you buy the house, maybe you have the dream home that you want, but definite.

Look at your finances.

Don't buy house you can't afford.

I always keep in mind.

When you buy a house.

There are other expenses that come with it.

If you get a bigger home in a nicer neighborhood.

Chances are you're gonna spend more money on the furniture.

You're gonna pay more for the homeowner insurance utilities.

You're gonna get a nicer car.

Your kids are gonna go to a better school.

Maybe you're gonna shop groceries at whole food versus you know, a typical grocery story depends on the neighborhood.

Now, all your expenses, we'll go up.

It's human nature.

So never think about Oh, I could afford the mortgage.

Yeah, maybe you could afford the mortgage, But could you before everything else that goes with it Because you buy a very nice home.

Jesse's are You're not gonna put some cheap furniture in there.

All those things cost money, and they could cost a lot off money, especially as a couple, maybe your wife once and things and just a hospital.

You want certain things right?

It would be all depends.

So think death through This is a very important decision when it comes to buying your first home so common below.

If these tips are helpful for you, if you have any other questions when it comes to real estate investing also coming below, I'll be more than happy to make other videos for you in the future as well.

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