Approval 101 – The Lowdown On Mortgages

It’s a happy time in your life! Buying a new homes is very exciting, whether for the 1st time, or the 10th. Deciding to put down roots in a new location can be filled with anticipation, but it can also be filled with anxiety and questions. Whether you are choosing to stop paying rent, moving up in the market, or moving down, it can be overwhelming at the best of times and it’s natural to have a fear of the unknown. That’s one of the many reasons people hire realtors, to help guide them through the process in an experienced, professional manner. Getting a mortgage for the first time is a large financial committment, but it’s also a solid investment in your future. I often ask people this question, if the property you are looking to purchase remained at the same value for the length of your mortgage, would it be worth it to own the property at the end? The answer is always yes.

Mortgages are not my expertise, I do not have the relevant licence to offer specific mortgage advice. For this reason, I have multiple connections to refer you to. Down payments can range from 5% to purchasing the property without need of a mortgage. The more you can put into your down payment, the more options you will have. Mortgage rules do change on a regular basis, so it’s best not to put anything specific on this page as the guidelines and requirements are changing all the time. It’s best for you to be in touch with your bank, or I can offer you the phone number of one of my many mortgage professional connections.

I always recommend people explore all of their options when it comes to a mortgage, considering the amount of money involved it’s important to shop around. Even a difference of 0.25% can results in thousands of dollars in savings. I do keep track of the mortgage market, and can offer some basic tips. Reading the fine print is often very important when it comes to agreeing to a mortgage. A licenced professional will be able to go over the differences, and make the appropriate recommendation.

Unlike vehicles or other personal items that you purchase, real estate generally does not depreciate in value outside of signficant changes in government regulation, or difficulties in the financial system. The value of real estate in the Lower Mainland is largely determined by the land that it sits on, the physical structure can depreciate depending on the quality of construction and appropriate maintenance over the years. Also, renovations can add to the value of a property, and many owners enjoy learning about renovating or maintenance. Strata fees will generally be used to maintain the complex, but you can still renovate inside and increase the value of your property.

mortgage pre approval   mortgage application