Whether you’re a First Time Buyer or Repeat Buyer, we’ll keep it simple! The best part is, my services are almost always free, with the exception of high risk, private and commercial lending, but even then, the fees are known upfront and only payable upon successful funding.
First Time Buyers
Pre-Approvals – Why you need one and what it isn’t
You’ll want to start by getting a “Pre-approval” so you know how much you can afford to spend on a home, the associated monthly payments, and the rate for the first term of the mortgage. This will give you more credibility with your realtor and potential sellers, and help identify realistic options so you can make best use of your time and energy in this busy real estate market.
I will review your income and credit information with you and identify the right mortgage products and best rates for you to choose from.
However, it is important to understand what a Pre-Approval is and is not. In most cases, lenders are really only providing a temporary rate guarantee, subject to later approval. Final approval will be subject to an underwriter’s detailed review to validate income, downpayment and the lending value of the subject property.
Down Payment Rules
If you do not have the minimum 20% downpayment to qualify for a conventional mortgage, the approval will be subject to an insurer’s review and rate premium. The 3 main insurers are CMHC, Canada Guarantee, and Genworth. The minimum downpayment is 5% on the first $500,000, and 10% on portions over that.
Your credit score and debt service ratio are key factors in a lender’s decision to approve a mortgage loan, so any significant changes to it between the time you are approved and when your closing date can cause problems. Contact me for a list of things to avoid and tips to help ensure your mortgage is funded.
Buyers are often so focused on the home and secondarily the mortgage payments that they are surprised to learn about additional closing costs. These may include taxes, legal fees, appraisal fees, moving expenses, and home insurance to pay before you are finally in your new home.
tell me MOR!…
If you want to know more, let’s chat. And if you’d like more insight into your local real estate market, certain realtors in my network have demonstrated particular expertise and professionalism and I would be happy to share their contact information with you (particularly if you are looking in the Greater Vernon / Okanagan area).
No, I do not receive any kickbacks or finders fees for referring you these select realtors. I am constantly building and refining a network of genuine people who will help me take care of your best interest in order to earn and maintain your business.
Know Your Options – You Owe it to Yourself
- What mortgage products best support your life situation and goals?
- What products allow you to pay down your mortgage faster for less while still giving flexibility to deal with life’s surprises along the way?
- What are today’s competitive rates for those products?