By Rod Nevis Mortgage Specialist

01/23/2020 Any mortgage broker Vancouver is familiar with the hectic process of buying a home, especially if you have never owned property before. Buying your first home can be exciting and at the same time nerve-wracking. Market prices are climbing and homes are being sold in as little as three weeks way above asking price. This can make the entire process stressful for first-time home buyers, potentially causing them to make impulsive, uneducated decisions.
Here is some advice from a mortgage broker Vancouver on how to go about purchasing your first home.
Find a Mortgage Broker Vancouver Who Truly CaresFinding a mortgage broker who isn’t in it for the sale is hard. Find someone who is a good negotiator and someone you feel you can trust, who has your best interest at heart.
Pay Off All Debt & Set an Emergency FundEven if your mortgage payments are similar to, or the same as your previous monthly rent costs, it can still add up to be more. Owning a home comes with all of the expenses being paid by you – upkeep, maintenance, and surprise repairs. Make sure all of your debt is paid off, and you have set an emergency fund in place.
Save for a Down Payment & Closing CostsSave up for a good downpayment and prepare for those closing costs, which may sometimes have a surprising price tag. A 15-year fixed-rate mortgage will be more expensive monthly but will allow you to pay off your mortgage in half the time of other rate options. A downpayment of 20% will also cut down those long-term interest rates because you’ll pay off your home faster. Your mortgage broker Vancouver will advise you and help you get the best rates.
Research Neighbourhoods & HomesBefore you can determine your budget, you have to research neighbourhoods you are interested in and what the homes on sale in those neighbourhoods are going for.
Determine Your BudgetHave a budget set in place. Write down everything your home must have according to your needs – the things you are not willing to compromise on. Write down everything you want – the things that aren’t that important but would be a nice bonus, and determine your budget from there.
Attend Open HousesAttending open houses is the best way to go house shopping and see what is really out there. Ask your mortgage broker about how to go about finding them in your areas of interest.
Think Long-TermThink long-term. Your needs now may be very different than your needs in another 10 or 20 years. Are you going to be expanding your family? Maybe a home with 3 bedrooms instead of 2 is better. Will you be getting pets? Maybe a big backyard is ideal for their health and safety.
If you need a mortgage broker Vancouver who will get you the best rates and advice based on your unique needs and lifestyle, get in touch with us for a consultation.