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 Realtor.ca, 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, Twitter.com/TimAyres or Tim@TimAyres.ca. I would be happy to refer you to a mortgage broker to get you started!
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