Financing Considerations for Buying a Comox Valley Home
Buying and financing that home may be easier than you think. The best time to begin thinking about financing your new home is well before you begin looking for one so that you can become a homeowner. For most home buyers, there’s a lot to think about! For example, some typical buyers info that is important includes: the price of your new home, current interest rates, the down payment you want to make, the length of mortgage, (amortization period and term), different sources of financing, and your credit history.These are more common factors but sometimes financing considerations also include things like using mortgage calculators to figure out mortgage insurance, or other financial instruments. Sounds intimidating? Not to worry. It’s actually simpler than it sounds and Brett stands ready to guide you through the entire financing process.
Sometime people start looking for homes and inside homes before they deal with their own personal financing. This is not a good thing. It is important to know how much money you can afford to spend on a home before you start looking for a home. Think of it this way. You just found the home that meets all of you real estate needs and some of your more important wants. You then decide to put an offer in on it. In doing so you find out that you do not qualify for the amount of money that you need to buy the home. When this happens you are dealt adversity and disappointment. Why not avoid this?
If you have a home to sell, place it on the market to sell before you start looking to buy your next home. Depending on the type of market and the location and type of your home, it may take some time to sell. Getting it sold should be your first priority.
Begin casually looking online for your next home to get a sense of what is available and in what price range. Ask Brett to set you up a customized MLS search to help you with this stage of the real estate process.
After you home sells (meaning when you have an accepted unconditional offer) contact Brett and let him know. The next step before actually going out to view homes with Brett is to get financially pre-qualified for the financing that you may need. The next step is to get pre-approved. There is a difference between these two qualifications. With the first you will get a sense of what you can borrow. With the second, you will be told how much money that the financial institution is willing to lend you within a specified time and set of circumstances. Read the fine print and get it explained to you so that you completely understand how much money you will have to work with. Remember that there are other expenses associated with buying a home other than the mortgage. Brett will explain these to you. Also remember that when you find a home, it too, will have to qualify for mortgage purposes.
Start viewing homes with Brett. If you have narrowed down the area within which you want to buy, great. If not, choosing a location is often a first step for many people. There are many location considerations and Brett can often help you when making this decision. Likely, you have often heard the phrase “location – location – location” when it comes to real estate. There is a very good reason for this. While you may find the home of your dreams, it may not matter much if it is not located within an area within which you want to live. Choose your location carefully based on your needs and wants. When you have chosen the location or locations, focus on finding the home that is right for you and your family.
Contact me and let’s talk about some of these and other considerations before you buy your next home.
These steps are a good first start and some of the more important buyer considerations. Contact me and I will help guide you through the entire process.
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