First-Time Buyer Fridays! – New Feature on the 642Blog

They're a little crooked, but soundly built!
They're a little crooked, but soundly built!

Welcome to the first edition of First-time Buyer Friday! In this new section of the blog, I’ll chat about a different topic each week that is specifically important to first time buyers in the Victoria and Sooke marketplace. I’ve been working with a lot of first-time buyers lately, so I am getting a lot of questions from my clients which inspired me to start writing about them. Sometimes the post will come in video format, other times written.

Q. What’s the first step in owning my own home?

A. With Victoria and Sooke real estate prices dropping, and interest rates at historic lows, many renters are considering making a move to their own property. Other than surfing around on, your first step should probably be to meet with a qualified mortgage broker or your bank to determine how much you can afford, and to get pre-approved for a mortgage. This will help you in numerous ways. First, it gives you the confidence that you are financially able to purchase when you find the right home, and will save you valuable time by focusing only on properties you can afford.

Working with a mortgage broker has several advantages. Being independent, they have access to many different lenders, and will work for you to get you the best rate and the mortgage product that best suits your needs. Contrast this to a bank’s mortgage officer, who is usually tied to that bank’s mortgages and has limited flexibility to offer different products.

If you have any questions about mortgages, buying, or anything else real estate related, contact me at 250-885-0512, or I would be happy to refer you to a mortgage broker to get you started!

Tim Ayres – Sooke Real Estate Professional

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Published by Tim Ayres

Tim Ayres is a Sooke and Victoria BC REALTOR®, with Royal LePage Coast Capital Realty. Tim is actively involved in helping clients buying and selling real estate in the southern Vancouver Island region. Tim is an active member of the Victoria Real Estate Board and served seven years (2009-2015) as a director, including serving as President in 2014.

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