Ready to Buy Your First Home? A Vancouver Mortgage Broker from Invis- The Siemens Group Can Help!
 January 5 2016     Posted by Siemens Group

Purchasing your first home is a big decision. You need to understand the home buying process, choose the right mortgage product, and select a home that is a good choice for your future. Making careful and thoughtful decisions now will pay off in the long run! There's a lot to consider when you are a first time homebuyer, including:

Setting reasonable expectations

Before you start searching for houses it is essential to know exactly what you're able to afford. A home isn't your dream home if you can't afford the monthly payments! Becoming pre-approved for your mortgage will help you know what works with your specific financial reality and can provide a price range to begin your search. It's important to remember that home ownership involves far more than just a monthly mortgage payment. Make sure your cost analysis includes the amount you'll have to pay for home insurance, property taxes, repairs, and any neighborhood fees.

Understanding your options

There are a wide variety of mortgage products available for first time homebuyers. You may be eligible for specific mortgage programs based on your credit history, occupation, or your pre-approval conditions. Working closely with your Vancouver mortgage broker allows you to understand the full range of mortgage options and helps you choose the product that is best for your specific needs.

Planning ahead

There are specific things you can do ahead of time to be prepared for the day your mortgage closes. Take the time before you seek pre-approval to analyze your credit history and financial records. Request a copy of your credit report and challenge any inconsistencies or errors. This can help raise your credit score and may allow you to qualify for a lower rate. Begin gathering the necessary financial documents including pay cheques, tax records, and bank statements. Planning ahead allows you to avoid the last minute scramble to find necessary documentation.

Paying attention to the big picture

Buying a home is a decision that will impact your family for years to come. Take the time to consider what this house will mean for your future. Consider how the payments will affect your monthly budget, the opportunity for home appreciation, and how long the home will meet your family's needs.

Seeking expert advice

Working with a qualified and experienced mortgage professional is the best way to ensure you are prepared for the home buying process. Buying your first home may be confusing or overwhelming at times but working with a professional Vancouver mortgage broker can help you better understand the process and avoid frustration.
Invis- The Siemens Group is proud to serve British Columbia residents as a Vancouver mortgage broker. If you're ready to buy your first home our team is ready to help you understand the mortgage process from start to finish.