3 Questions to Ask Your Local Vancouver Mortgage Broker
January 3 2017 Posted by Paula Siemens
With the increasing value of homes across Canada, many are in a hurry to buy their next property. But it’s important for Vancouver buyers to take the time to assess marketplace options. Only by working with a trusted local Vancouver mortgage broker can buyers plan the process effectively and execute the purchase of the property to perfection. To help guide buyers in communicating with their local mortgage broker and discovering the information they need, this latest article from Invis – the Siemens Group outlines five questions to ask a local Vancouver mortgage broker.
What Should I Consider for the Future?
In taking on the homeownership process, there are multiple elements buyers must consider over the long-term. For example, when entering into a variable rate mortgage, would they have the money to pay their monthly bills if interest rates rise? Also, what would they do to pay their mortgage if they or their partner lost their job? What about future family planning? Would there still be enough money available if the buyer was to have children with their partner? These are all critical considerations the mortgage broker will outline.
How Much Can I Afford?
Most buyers should consider how much they can afford before they enter into the process of buying a property. A mortgage broker will help the buyer determine what their current financial position will allow them to buy within the Vancouver marketplace. The broker will take into consideration current earnings, savings and debt obligations in making this determination. The value of this process is that it allows buyers to enter the marketplace completely aware of the full scope of options available. This means they’re not focusing on unaffordable properties, and they’re able to choose the best property for their long-term comfort and financial health.
How Much of a Down Payment is Required?
The down payment on the home is a leading short-term consideration. Buyers don’t want to over extend themselves as they take on the purchase process, and this can often occur if they spend over the requisite amount on the down payment. Some mortgage insurance products allow first-time buyers to only place 5% down on their mortgage to move forward with the home purchase. While some will have to put down a larger amount in order to minimize their on-going monthly mortgage payments and leverage the value of their savings to-date.
There’s a trusted Vancouver mortgage broker available now at Invis -The Siemens Group to help guide buyers in making the right choice for their financial future. To learn more on the latest mortgage rules and on the ways to reduce mortgage costs in the long-term, contact Invis – The Siemens Group now at 604-351-7438 or visit their business website at www.siemensgroup.ca.