Of Prime Interest: Build confidence as you buy your new home

Do you know how much house you can afford? Probably not, unless you’ve talked to a professional.

You are about to invest in your most valuable asset. Below are our top eight recommendations to make you more confident as you start your home buying journey.

Your credit rating

Having your finances in order is probably the most important step you should take.  Your credit report reveals your financial history and plays a very important role in the mortgage approval process.


Understand how mortgages works

Contact a mortgage broker.

A mortgage consultant will familiarize you with the mortgage laws and structure.  They have access to numerous lenders and will provide you with the information you will require to make the right decision.  These options are crucial in making an informed decision.


Get a mortgage pre-approval

Do you know how much house you can afford? Probably not, unless you’ve talked to a mortgage broker. A pre-approval will guarantee you the best rate for the next 120 days!  A pre-approval will help you in other ways too.  Consider this scenario. A home seller gets two similar offers. One is accompanied by a letter that states she is pre-approved for a mortgage in the amount of the offer. The other has no supporting documents. Which offer do you think the seller will consider first?


Sorting out your needs and wants

Buying a home isn’t as difficult as you might think.   The process will go a lot smoother if you familiarize yourself with your real estate market and narrow down your wants and needs before you start looking at houses.

Prepare to work with real estate agents

Real estate agents represent buyers, sellers, or both and play an essential role.   It is important to understand agent duties and loyalties before you make that first phone call.

The great home search

The Internet is a great tool – you can spend endless hours searching the public version of the Multiple Listing Service website. You can also pick up Home For Sale magazines and read classified ads in your local newspapers. You might even plan an afternoon drive to preview neighborhoods. These are all excellent ways to see what’s available out there.

Pre-offer investigation

Deciding whether or not you want to buy a house involves a look at its structure and its features, but there are many other topics that are every bit as important to your purchase. Appoint a professional to conduct the home inspection. Study what kind of house it is and consider its market value.

Making the offer

There is no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout, so it is important to discuss with your real estate agent, fine-tune your offer and take care of all the contractual considerations.

Currently a five-year fixed rate is available as low as 2.89per cent and the Variable Rate is available as low as 2.40 per cent.

Just Posted

Supreme Court of Canada ruling a “missed opportunity” for B.C. wineries

B.C. Wine Institute and its members disappointed about ruling on interprovincial trade

Blind Kelowna athlete wins grappling gold

Michelle Jorgensen takes her division at her first ever tournament in Kamloops

Love of records enduring for Kelowna vinyl fan

John Gowland’s record collection dates back to 1950s

Armstrong youth confronts diabetes adversity

Trevor Kennedy, 16, has coped with type 1 diabetes for nine years

Kelowna writer wins $1,000 in short story contest

The second and third place winners were from Lake Country

Then and now: Oliver flooding swells over the course of a week

Even with the B.C. Wildfire Service on hand to sandbag, the increased flow is causing damage

Trump could bail on meeting with Kim

President Trump says he could still pull out of meeting if he feels it’s “not going to be fruitful”

Cochrane reworks ‘Big League’ for Broncos

Tom Cochrane releases his reworked version of “Big League” following Humboldt Broncos bus crash

Supreme Court upholds law in cross-border booze case

The Supreme Court of Canada ruled Section 121 does not impose absolute free trade across Canada

Trudeau looks for less plastic, more LGBTQ rights at Commonwealth

Prime Minister Justin Trudeau attends the Commonwealth meeting in London

Humboldt Broncos GoFundMe stops at $15 million

Humboldt Broncos GoFundMe site stops accepting donations as planned

Builder of Kinder Morgan reinforces concerns over project

B.C. heads to court over pipeline jurisdiction as builder says doubt warranted

Health committee cheers idea of national pharmacare program, but cost an issue

Conservative health critic Marilyn Gladu says she fears costs could be far higher than $19 billion

Canada’s oldest blood donor says it’s all gain, no pain after decades of giving

Great-grandmother and Coquitlam, B.C., resident has been donating blood since the late 1940s

Most Read