Imagine how much can be saved compared to rental, and how the principal portion of your mortgage payment is actually a form of savings! There are countless advantages to ownership, including the security of being able to plan what you will do with the property, and the ability to treat the home as an investment.
Because homes are solid assets with well-understood valuations which historically have appreciated, banks are often willing to lend money to you against homes, which means that owning a home does not need to be a huge strain on the financial portfolio.
On the other hand, buying a home can be a great way to save money or get out of debt. The quality of home that can be obtained for the interest portion of the mortgage is often far superior to what can be obtained through renting, in terms of value-for-money. This is especially the case when MyMortgageBC.Com negotiates and obtains the best possible interest rates for clients, who save thousands and thousands of dollars over the life of the investment.
Send us an email and we'll send you an electronic copy of CMHC's Home Buying Steps. It's a very comprehensive guide that will help guide you through the steps towards purchasing a home. after you've been pre-approved for a mortgage. Please put CMHC GUIDE in the subject line.
Working with a mortgage broker to get pre-approval for your mortgage is important so that you know what value of a house you should be considering. It will help the overall home buying process be a more enjoyable experience for you if you are pre approved for your mortgage ahead of time. The mortgage pre-approval process wil also help you determine what you are comfortable paying on monthly basis. A mortgage broker is important because not only will they help you determine what you can afford but shop the mortgage market to obtain the best rate and mortgage product for your situation.
Another benefit to being pre-approved is that the interest rate you were pre-approved at will be held for a period of 90 - 120 days. If interest rates go up you will recieve the benefit of the lower rate at the time that your mortgage application was submitted.
There is no cost for you to get pre-approved with your mortgage broker and you will be able to have all of your financing questions answered which will help proceed with the home buying process with confidence.
Your realtor may ask that you work with your mortgage broker to become pre approved so that they can help serve you better. During the offer process it will allow you to make the offer on a home with confidence knowing that your mortgage broker has pre-approved you.
If you or someone you know may be purchasing a home in the foreseeable future, then there's no risk in calling us - we can help in so many ways, including: