Being a first-time home buyer without guidance from qualified professionals is like using the internet to diagnose a serious illness — it’s not going to end well. That’s the advice Toronto real estate agent and industry expert Karyn Filiatrault gives to millennials looking to enter the housing market.
She joined CTV’s Your Morning on Tuesday to warn against some of the biggest mistakes she sees real estate rookies make, even when they are getting help from the pros.
Not getting pre-approved by an experienced mortgage broker
Online calculators can help buyers get a rough idea of how much housing debt they can handle, but Filiatrault recommends using a mortgage broker to find the rate and terms that are best for you.
She adds that younger buyers often make the mistake of getting too cozy with their first financial institution, the bank where they first opened an account as a child, and fail to shop around.
“I’m not dissing the banks, but don’t walk into the bank and talk to the first teller you see and get a pre-approval that way,” she said. “Get a pre-approval from a qualified mortgage broker.”