Buyer Preparation Part 2: Financing Your Home

Buyer Prep Series

Introduction

Insufficient buyer preparation when searching for a property is a recipe for disaster. If you fail to prepare, the process will be long, frustrating, and filled with disappointment. Much of the work I do is with first-time buyers because it brings me great satisfaction to help people achieve their goal of home ownership. Unfortunately, many buyers make the same mistakes which prevent them from achieving their goals. I’ve created this educational series to help my clients improve their chances for success, and to better prepare them to navigate the highly competitive Vancouver real estate market. The real estate industry is evolving, and I will continue adding to and updating this series as necessary.

PART 1 – The Importance of Working with a Realtor is available HERE

PART 2 – Financing Your Home

Financing is easily the most important factor in purchasing a home. Many Realtors, including myself, will not commit serious time to working with a buyer until their finances are in order. I’m always happy to sit down with a prospective client to introduce myself and provide you with some education & guidance, but we need to be sure you can afford to purchase a home before we begin our search. We must establish an accurate budget so we’re not guessing about what you can afford. You can’t purchase a home unless you have the funds available so this should be a top priority!

How do you prepare your finances to purchase a home? You’ll first need to save for a down payment, and then you’ll need to contact a Mortgage Broker and apply for mortgage pre-approval. Ideally, you will be able to save 20% or more for the down payment, but the absolute bare minimum you’ll need is 5%. Your Mortgage Broker will advise you on your financing options. If you need assistance finding a qualified Mortgage Broker then let me know. I work with some amazing professionals and I would be happy to connect you with one.

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