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

Okanagan College business program compounds opportunites for finance students

The college has recieved Chartered Financial Analysist credentials for finance students

Kelowna torchbearers announced for Canada Games

The torch will be passed to Kelowna Nov. 30

Kelowna RCMP issue tickets during Hells Angels annual Poker Run

The 90 participants were held up in Glenmore

Kelowna’s Little Owl Academy recieved award of excellence

They are one of the recipients of the Child Care Award of Excellence from the B.C. government.

Triple O’s hosts their nineth annual KidSport Day fundraiser

A ‘Stadium Burger’ has been created for the event

Weekday weather update

A look at your Okanagan-Shuswap weekday weather for Sept. 24

Edmonton cannabis company revenues more than triples to $19.1 million

Aurora Cannabis revenues more than triple in fourth quarter

B.C. pharmacist suspended for giving drugs with human placenta

RCMP had samples of the seized substances tested by Health Canada

Seattle one step closer to NHL after arena plan approved

Seattle City Council unanimously approved plans for a privately funded $700 million renovation of KeyArena

Harvest Moon to light up B.C. skies with an ‘autumn hue’

It’s the first moon after the autumn equinox

Hockey league gets $1.4M for assistance program after Humboldt Broncos crash

Program will help players, families, coaches and volunteers after the shock of the deadly crash

New arts council formed in Lake Country

Get to Know Us Extravaganza is Sept. 29

Don’t feed birds in the parking lot

Vernon wildlife control services owner says feeding ducks and geese, or any wildlife, is bad

Most Read