Mortgage Repeat Buyers
Repeat Buyers
If you’ve already been through the home financing process, then you understand that a quality mortgage professional can be one of your best allies. As you know, mortgage terms and conditions change based on provincial and federal requirements. As experts in our field of Mortgages, we can assist you in your journey of buying and selling your home.
Take advantage of our deep mortgage experience.
And lower rates, of course.
We’ve been doing this mortgage thing for quite a while (to the tune of over $19B in funded Canadian mortgages, in fact). And unlike a bank, our non-commissioned Heather Contant Mortgage broker have the freedom to check with all lenders to get you the best rate for your situation. Plus, our volume allows us to pass along a rate discount, which can add up to thousands over the life of your mortgage.
Talk to us — we make it easy, and there’s no cost and no obligation. It’s literally a no-brainer. Or simply apply now for a fast response and unbeatable mortgage advice.
What Our Cleints Are Saying
Heather was very professional and responsive to our requests. We really appreciated the time she took to sit down and determine what we were looking for in a new house. She had great inventory prepared for us to view on top of the houses we had identified to her. She was always prompt in her response to our questions and kept us up to date with changes in the status of properties.
We would definitely recommend Heatherto anyone relocating to Kelowna and we’ve suggested her name to a few people already.
Heather was very professional and responsive to our requests. We really appreciated the time she took to sit down and determine what we were looking for in a new house. She had great inventory prepared for us to view on top of the houses we had identified to her. She was always prompt in her response to our questions and kept us up to date with changes in the status of properties.
We would definitely recommend Heatherto anyone relocating to Kelowna and we’ve suggested her name to a few people already.
Repeat Mortgage Buyers
Checklist
Are you thinking about buying your first home? We’ve compiled everything you need to know into a handy checklist. Don’t buy your first home without it!
BONUS – HOME BUYING MISTAKES TO AVOID
Learn what not to do when it comes to you First Home Mortgage (fun fact – many buyers do these things which ends up complicated their mortgage buying experience
Where Do I Start?
Before anything else, you need to know can you still qualify for a mortgage, then how much you can afford. The availability of mortgage financing is obviously important to your purchase plans, and each mortgage lender has their own lending guidelines, or Rule Book. Besides the lenders’ Rule Book, there is another set of rules whenever you have less than 20% down payment, as your lender will need Mortgage Default Insurance. One myth that needs dispelling is that low down payments (under 20%) are only available to first time home-buyers – not the case!
So when figuring out how much home you can afford, your mortgage professional must refer to the Rule Books that apply to your situation. The amount you can afford also depends on five variables:
1) Current interest rates
Interest rates change with the market, so you’ll want to find out what the current rates are. Interest rates are lower for borrowers with good credentials, which serves to increase the mortgage payment you can afford to pay. However, rates are not necessarily lower for borrowers with less-than-stellar credentials as they represent more risk to the lender.
2) Your available down payment
Required down payments are lower for borrowers with good credentials, which means you can qualify sooner. For borrowers with less-than-stellar credentials, larger down payments are required as they represent more risk to the lender.
3) The employment income that you can document
The income used to qualify for a mortgage may be lower than the would-be purchasers believe they have, as certain forms of income are ineligible.
4) Your other monthly payment obligations
The more monthly payments a person has (credit cards, vehicle loans, lines of credit, etc.) the less of their income they have available for the mortgage payment, which serves to decrease the how much house they can afford to buy.
5) Your credit repayment history, as measured by your credit score
When people lend you money, do you pay them back on time and as agreed? Every time you access credit/borrow money, whether credit card, cell phone, vehicle loan, student loan, etc., your repayment history and reliability is tracked by credit reporting agencies such as Equifax and TransUnion. Your credit score is a numeric value representing the likelihood you will pay back your debts reliably. The higher the better. It is important to understand your credit report and credit score.
The Home Buying Process
Once you know how much you can afford, there are a few steps you’ll have to tackle before you can get the keys to your new home. Here’s a broad overview of what you can expect.
1. Check Out the Neighbourhood
Before you begin looking at houses, narrow in on your chosen location.
2. Establish your home buying team
Having the right team in your corner can make all the difference when it comes to buying your first home. Your home buying team can bring a wealth of real estate experience and expertise that will help make the process as simple and straightforward as possible. Team members will often include your Realtor, Lender or Mortgage Broker, Home Inspector, Appraiser, Lawyer, Insurance Broker, Land Surveyor, and Mover. Often you will find that your Realtor and Mortgage Broker can provide top quality referrals to professionals they have good success with.
3. Get pre-approved for a mortgage
If you haven’t already, this is where you will decide how much you can afford. When it comes to choosing a mortgage that works for you, start by asking yourself a few questions. Are you likely to get the financing you need? What will you do if interest rates go up before you’ve found your home? When it comes to getting pre-approved, be honest with yourself and your situation. Getting the home you want starts with getting a home you can afford. Your mortgage broker will help you answer these very important questions. Contact us for a free consultation.
4. Make an offer
Making an offer is where the rubber hits the road, often exciting and scary at the same time. Your offer will include your proposed purchase price and move-in (possession) date as well as certain conditions like your ability to secure financing, a satisfactory home inspection, and the inclusion of certain items you want included with your home purchase like appliances, window treatments or light fixtures. Often there is some back and forth between buyer and seller until the offer is accepted.
5. Finalize your mortgage
Your mortgage broker will work with you to help you get the mortgage that’s right for you. If you’ve been pre-approved for a mortgage, present your accepted offer to your broker who will advise you of any other requirements to secure the mortgage.
6. Close the deal
As the closing day approaches, it’s not unusual to feel both excited and anxious. Keep in mind your Realtor, mortgage broker and lawyer will do most of the work for you to ensure that everything goes smoothly at closing.
Obviously there are more details and a lot more to it. We are here to help. Contact us for a free consultation.
Let us help you get the mortgage
that fits your needs!
Of course, the big one is, what can we afford? Our online mortgage calculator can give you an idea of what you’re looking at in terms of payments.
With so much information out there, it’s hard to keep track of what’s what and what is current. That is why there are mortgage brokers like us to do all that for you. We make buying or selling your home that much easier.
Some things to consider as a repeat buyer are:
- Is this the right time to buy?
- The right time to sell?
- What are we looking for in our new home?
- What are our housing needs?
- How does financing work with an additional home?