PURCHASING A HOME
IN THE FRASER VALLEY?
5 Tips on how to make the right decision with your mortgage.
PURCHASING A HOME
IN THE FRASER VALLEY?
5 Tips on how to make the right decision with your mortgage.
IN THE FRASER VALLEY?
5 Tips on how to make the right decision with your mortgage.
Buy the house you
know you can afford
This may or may not mean maxing out your mortgage qualifications. But remember your current situation may not be your forever situation…Better to err on the side of caution and not get stuck with payments you cannot afford!
Don't fixate on
the purchase price
The purchase price is just one of many costs in purchasing and maintaining a home. Be sure you factor in property transfer tax, GST (if new construction), legal fees, property tax, heat, water, insurance, repairs, maintenance and emergencies.
Surround yourself
with trusted advisors
Take advice from people you trust. People that have no vested interest in your decision, that want the best for you and your future. Most importantly, people that have perspective and can see your situation without rose coloured glasses or emotion, but based on what makes sense now and for your future.
Have a plan for
your future self
As much as we all think that 5 years (typical term of a mortgage) isn’t a very long time, a lot can change in that time that can have a HUGE effect on your mortgage and your future home plans. Think about all of the possibilities that are in your future and have a contingency plan on how to deal with their effects on your mortgage and your home purchase. Ie: marriage, divorce, pregnancy, career change/transfer or illness.
Get educated on your
mortgage options
Know how and why each part of your mortgage can and will affect your future plans and goals. Ensure that you choose a mortgage that works with your current situation, and can accommodate your contingency plans for your future self.
Buy the house you
know you can afford.
This may or may not mean maxing out your mortgage qualifications. But remember your current situation may not be your forever situation…Better to err on the side of caution and not get stuck with payments you cannot afford!
Don't fixate on the
purchase price.
The purchase price is just one of many costs in purchasing and maintaining a home. Be sure you factor in property transfer tax, GST (if new construction), legal fees, property tax, heat, water, insurance, repairs, maintenance and emergencies.
Surround yourself
with trusted advisors.
Take advice from people you trust. People that have no vested interest in your decision, that want the best for you and your future. Most importantly, people that have perspective and can see your situation without rose coloured glasses or emotion, but based on what makes sense now and for your future.
Have a plan for your
future self.
As much as we all think that 5 years (typical term of a mortgage) isn’t a very long time, a lot can change in that time that can have a HUGE effect on your mortgage and your future home plans. Think about all of the possibilities that are in your future and have a contingency plan on how to deal with their effects on your mortgage and your home purchase. Ie: marriage, divorce, pregnancy, career change/transfer or illness.
Get educated on your mortgage options.
Know how and why each part of your mortgage can and will affect your future plans and goals. Ensure that you choose a mortgage that works with your current situation, and can accommodate your contingency plans for your future self.
If you take the tips listed here into consideration, it will go a long way toward helping you put your best foot forward, achieving that seamless, lucrative purchase that every homebuyer hopes for!
If you take the tips listed here into consideration, it will go a long way toward helping you put your best foot forward, achieving that seamless, lucrative purchase that every homebuyer hopes for!
