First Time Home Buyers
Wading the waters of buying your first piece of Real Estate is confusing and daunting. The reason a Real Estate Professional is such a great resource, is because they have the experience, they know all the ins and outs and can guide you through the process.
The first MOST important step to buying your first property, is the get PRE-QUALIFIED. You need to know how much you qualify for based on the following:
- How much of a down payment do you have access to? Some forms of down payment are
1. Gifted Down Payment - can come from your family, does not need to be repaid
2. Savings - hopefully you have been saving for a long time and can verify this via bank statements
3. Borrowed Down Payments - there is a program that will allow you to borrow the money, as long as it fits into your debt service ratios
4. Canada First Time Home Buyers Program - this allows you to use your RRSP as a down payment
- Do not think that an instant pre-approval from a bank is a "real" pre-qualification! You need to show all support documents to get an "actual" pre-qualification. This means that you have a firm approval and a rate hold on the mortgage. I can help, visit my Mortgage Website for more information, and I can get the process started for you.
After we have secured your Pre-Qualification, it's time to discuss your wish list, what do you want in a home? Condo? House, townhouse? Once we finalize the details of the maximum purchase price, neighborhood, and desired amenities, we can set you up with an automated search. As you can see from my website, you can really narrow down what you want to have delivered daily, for properties. Taking into consideration how hot the market is in the Kelowna area, it's important to stay on top of this.
Making an Offer:
Once you find the home that you love and want to make an offer on, we sit down and look at all the past sales in the previous few months, and determine a fair offer. It's now that you can decide the closing date, when you want to move in! You will have a financing condition, which means we finalize and secure the mortgage on the purchase property. You had to get pre-qualified, now the lender just makes sure the property is approved (value) and we settle the final details and sign the papers. You will also have a home inspection condition, so that you can hire a professional home inspector and make sure there are no problems with the property. Once all of the conditions that we set for the purchase are fulfilled and waived, you are the proud owner of a new property!
Wading the waters of purchasing real estate is not simple. There are many facets to it, and with the help of an experienced Real Estate Professional to guide you, it should be one of the most exciting times in your life. I would love to assist you, feel free to reach out and let me work with you to make your home ownership dreams come true!