There is no disguising that after 2 years of historically low interest rates due to the pandemic, rates are now on the rise in an attempt to reduce inflationary pressure.

Unless you have a couple hundred thousand dollars or more to spend, you can’t just plunk down cash and buy a home. Instead, you need to go through a process that takes you from getting loan approval to sitting down at the closing table. This can be overwhelming, but if you break the procedure down into steps and take your time, you can be a homeowner one day, living in your dream home! To help first-time buyers like you understand the many steps involved in purchasing your first home, Cody Rowe - Mortgage Broker has written down a Beginner’s Guide to buying a home.

Applying for a mortgage is never simple, but it’s even trickier when you don’t know what to expect. There are different aspects that you need to consider before settling on a mortgage product. You need to consider the mortgage term, conditions, down payment, etc. But most importantly, you need to consider what kind of interest rate to choose for the term of your mortgage.