Thinking about buying your first property in Coquitlam, Langley or anywhere else in the Lower Mainland of B.C. ?
This is truly one of the most exciting and rewarding moments in life; regardless of whether you're buying an apartment, townhouse, rancher or two-story family house. Not only is buying your first home an amazing accomplishment that comes with a great sense of freedom and security, but it is also a great step into the real estate market and can provide you equity and a leg-up towards future expansion.
As amazing as it is to be a first-time home buyer, it is important to remember that this is likely the largest financial decision you will ever make. There are a few questions you can ask yourself to make sure you’re ready to take this incredible leap!
1) Are you financially stable?
2) Do you have the financial management skills and discipline to handle this large of a purchase?
3) Are you ready to devote the time to regular home maintenance?
4) Are you aware of all the costs and responsibilities that come with being a homeowner?
If you've decided to take the plunge, you need to start by figuring out what you can afford. A great place to start is to download the free My Mortgage Toolbox app. This tool can help give you an idea of what you can afford, so you can start preparing your budget and down payment. You can also get a copy of the Home Buyers Guide mentioned below.
The minimum down payment on any mortgage in Canada is 5 percent but putting down more is beneficial whenever possible as it will lower the amount being borrowed. However, if you can only afford the minimum that is perfectly okay! Just remember, if you are putting down less than 20 per cent to purchase your home, default insurance will be mandatory to protect the investment.
Once you have your down payment, you will want to go through the pre-qualification and pre-approval processes for mortgage financing. Now this process is NOT a mortgage approval, but it will give you a headstart and allows you to lock you in at a particular rate and term (for up to 120 days) while you shop! While temptation will be to start looking at the very top of your pre-determined budget, it is important to remember that there will be fees, such as mandatory closing costs, and a little wiggle room is always a good idea
... Send us an e-mail, text or give us a call today.
Make sure to have an early chat with us and let's consider the right timing for you to start your preparations.
Each mortgage application is different and we will help you figure out the numbers so you can stay focused on shopping for properties within your realistic price range - all at no cost to you.
In addition Dominion Lending has created a First Time Home Buyers Guide - this is the kind of financial litteracy they unfortunately don't teach in school. Click the link to get copy. Let's work together - we got this!