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.