Vancouver Mortgage Specialist Invis - The Siemens Group Highlights 4 Money-Saving Tips for First-Time Buyers
January 3 2017 Posted by Siemens Group
The Canadian housing market has retained its exceptional performance over recent years. Prices have risen to record levels across the country and property owners are now sitting on high-value real estate. This is good news for the vast majority of Canadians but for those entering the marketplace for the first time, it can be challenging to find a low-cost housing option. To help guide first-time buyers in navigating the marketplace, the team at Vancouver mortgage specialist Invis – The Siemens Group offer the follow four money-saving tips.
Shop Around Carefully
There are a multitude of private lenders across the marketplace offering seemingly standout deals to first-time buyers. But oftentimes buyers make the mistake of putting pen to paper on a deal with stiff penalties and ever-escalating costs. This can mean that first-time buyers default on their mortgage when they are unable to afford the expenditure later down the line. It’s critical to shop carefully within the mortgage market, and work with a local Vancouver specialist to separate good deals from more costly products.
Credit will be a determining factor in whether property buyers receive a low-cost mortgage on their home or a mortgage with a higher than average rate. It’s important to carefully manage credit in the months leading up to the purchase. Homebuyers should be wary of opening new credit cards or putting off credit card payments. They might also forgo large purchases that could restrict their liquidity during the months leading up to purchase. This will show lenders the first-time buyer is frugal and committed to effective financial planning.
Compile Questions for the Seller
Before entering the buying phase and reviewing property, buyers should have a comprehensive list of questions for the seller. In compiling their questions, buyers should work with their local real estate agent to review subjects pertinent to the purchase process. For example, buyers might consider the age of the home and the home’s infrastructure. They might also consider the seller’s timeframe for selling the property, and review the potential negotiating stances they could take as they look to complete the purchase process.
Speak with a Broker
A broker is the first-time buyer’s most crucial asset during the purchase process. They are a local Vancouver mortgage specialist with a clear understanding on the trends in the real estate market and on the techniques to help mitigate long-term costs. Working with a trusted local broker can help give first-time buyers the edge in negotiating with lenders, and ensure they come to a beneficial agreement.
By researching the real estate market and allocating time to working with a mortgage specialist, Vancouver first-time buyers can save thousands of dollars. To discuss this subject with a local expert, call the team at Invis – The Siemens Group now at 604-351-7438 or visit their business website at www.siemensgroup.ca.