Buying your first home in Comox? Reach out to Janice!

Are you a first-time buyer wanting to buy your first home?

Maybe you are already a homeowner and are thinking about making a move.

Whatever your purpose and current situation is, there are things you can do in advance. When it comes to getting a mortgage, these things can be done to make the mortgage process easier!

Pre-Qualification for Buying your first home in Comox

Getting pre-qualified for a mortgage will give you a general idea of what you can afford. This helps you to focus on a particular price range when you start working with a realtor and shopping for your new home. Pre-qualification will look into your financial position and identify your budget for a home. It will also define what you can afford for monthly payments. It will let you know what top-end price you can manage. In this way, you won’t be disappointed. Say, for example, you go out looking, to find a house you love, only to learn you will not be able to make the monthly mortgage payments for that property. This scenario only leads to frustration!

Pre-Approval: Getting pre-qualified will give you a ballpark estimate of what you can afford for Buying your first home in Comox.

Pre-approval will say what you actually do qualify for in a mortgage. It will tell you what that mortgage amount is, based on your current income and credit history. The lender will state this in writing so you can be confident when you start your home search. A pre-approval usually specifies a term, interest rate, and mortgage amount. It is typically valid for a brief period, assuming various conditions are met. The period of time could be 2 or up to 4 months. This means you can shop for that home that’s in your budget and would have to find and complete a purchase within that time frame.

There are a few benefits to pre-approval which include:
● Confirming the maximum amount you can afford to spend
● Securing an interest rate for 90-120 days while you shop for your new
home
● Letting the seller know that financing should not be an issue. This is extremely important in competitive markets. If there are lots of buyers and not as many properties to choose from, it could be the difference
between having an offer accepted or being left out.
● Keep in mind that once you get your pre-approval, you do not want to jeopardize it.

Until your mortgage application and sale is completed, be sure you don’t do the following:

Quit or change jobs
Buy a new car or trade up
Transfer large sums of money between bank accounts
Leave your bills unpaid
Open up new credit cards.

You do not want your financial or employment details to change at all until you have closed on the new mortgage.

Do you need help figuring out where to start when it comes to buying your first home in Comox? Reach out to me today and I would be happy to lend my expertise! Get in touch with me now!