A mortgage is a complex process, especially if you're new to Canada. Talk with Myette to review your current income and expenses. She'll help you take into account how your new mortgage may
change your monthly payments, and how that will affect your financial situation. Securing a pre-approved mortgage with a lender that checks your credit rating will allow you to get an idea about the amount of the mortgage you may qualify for, so you can have a price range in mind when you look at different properties. The pre-qualifying stage is also the time to find out about the difference between conventional mortgages and high-ratio insured mortgages. This is also the time to explore assistance programs for first time homebuyers like the First-Time Homebuyer Plan or BC Equity Program.
Myette can help you do a complete analysis based on net income and projected budgets to determine what you can comfortably afford.
Myette will also discuss closing costs with you, such as land transfer taxes, legal fees, and other disbursements. Before you're pre-qualified, she will run your credit bureau report and ask for written confirmation of income, as well as how much you plan to put down on your purchase.
Once you're pre-qualified, the interest rate may be guaranteed for 60 to 90 days from the time of your application. If rates drop, you'll get the lower rate; if they rise, you're covered. And just because you pre-qualified by a certain financial institution, you're by no means committed to that lender. We'll continue to shop the market to get you the deal that we believe will suit your needs!
Myette will give you the information you need to make an informed choice when buying a home.