A home is a big purchase

It's probably the most expensive thing you'll ever buy, and there are lots of expenses you might not even know about. Some of them include:

You will need a mortgage! 

Who do you talk to?

There are many banks, credit unions and other lenders out there who would love your monthly mortgage payments. So talk to everybody and don't be money-shy! Talk to your banker, other banks and people you know. 

If you prefer confidentiality, then talk to me. I will guide you through step by step and refer you to a list of qualified experienced Mortgage Brokers, of whom you can choose which one to work with. 

Mortgage terminologies:

- Mortgage term:

Refers to how long the bank has agreed to lend you the money- usually from 6 months to five years. At the end of the term, you usually re-negotiate a new term. 

- Amortization:

The length of time it will take to pay off the whole mortgage, as long as 25 to 35 years. The longer your amortization, the lower your monthly payments but the more interest you pay over time. 

- Interest rates:

Interest is the cost of borrowing money. It is advised not to search for only the best rate available, but also the best terms like percentage for lump sum payment per year or penalties for paying off the mortgage before the end of amortization, etc. 

How big of a down payment will you need?

You want to have a mortgage as small as possible and a down payment as big as possible. But in a hot and ever changing market like Greater Vancouver, as little as 5 to 10% of downpayment can work as well.

WARNING: IF you are not working with any real estate agent, PLEASE talk to me first before making an offer on any property. Without proper financial arrangement in place and without working with a qualified REALTOR, you could be in for a rough journey with many liabilities ahead.

If you're thinking of buying a home, you've come to the right place. But before we jump right in, you have to make sure THREE things are ready:

- You - Your bank account - The local Real estate market

Be Sure you are ready

Few joys can match the pride of owning the roof over your head, but you will have to make some sacrifices. There's the obvious financial responsibility, but your home will also require constant care. That's what real pride of ownership is all about

Check your bank account

 Your home will be the biggest financial obligation you've ever faced. You should ideally have saved up some money for a down payment and are managing any debts like student loans or credit cards. In a couple steps you can determine HOW MUCH you can AFFORD. 

If unsure, I am here to help connecting you to many qualified experienced Mortgage Brokers. 

Is right now a good time to buy?

Markets go up, markets go down and even the smartest experts can't accurately predict when a market will peak or bottom out.

If you're buying a home as a long-term investment (and for long-term enjoyment), you should be protected from short-term changes in the market. Pick a home that meets the needs of you and your family. Then you'll enjoy living in your investment as it grows in value.

If you're buying a home as rental income investment, there is no better time to buy than now when the interest rates are low and there is a very high demand from tenants. 

If you are still unsure about the THREE things above, contact me for a FREE consultation at your convenience.