Are You Ready to be a First Time Home Buyer in Vancouver?
Buying a Vancouver home offers many benefits, but there are a few downsides. Not only is the process of obtaining financing and finding a home pretty difficult, but with a Vancouver mortgage comes a pretty hefty monthly payment. Deciding if you are ready to take the plunge and become a first time home buyer in Vancouver, Port Coquitlam, Coquitlam or Port Moody is easier if you know how to read the signs.
These are the glaring signs that signal you are ready to buy your first home:
Are You Sticking Around?
If you plan to be in the same location for at least 5 years, it is probably time to consider buying a home. A home is a long-term investment, so it’s not a good idea to buy a home unless you plan to stay in the same place for at least 5 to 7 years. For example, selling your home after 3 years might be pretty risky and result in you losing money on the deal.
You Are Pre Approved for a Port Coquitlam Mortgage
Finances are a huge part of buying your first home. The loan approval process is different for first time buyers, which means that getting pre approved for a mortgage is always a great first step. Being pre-approved does not mean that you have fully secured the loan, so you need to be aware of this factor. However, if you do meet the requirements for pre-approval, chances are you are in a good place financially to make your dreams of owning a home finally come true.
Timing is Everything
Not only do you want to enter the market at just the right time, but you also need to be sure that any lease obligations are also coming to an end. If your lease is not up for 8 to 9 months, it might not be a good idea to buy a home until you are closer to the end of your lease. Finding the perfect time to buy your home is not always easy, but you can plan ahead and make it work out.
Find a Port Coquitlam Mortgage Broker
As a first-time home buyer, you probably don’t know much about the process that it takes to become financed for a loan. Obtaining a mortgage can be pretty complex, which means that you can simplify the entire process by finding a mortgage broker that can work with you to find a loan that you can afford and has terms that are best for your specific situation.