Vancouver Houses for Sale—Overcoming the First-time Homebuyer Hump

Evaluate your budget

“The first step in buying a new home should be to take a look at what you can afford and how you are going to pay for it,” says Green. A good start would be to ensure that your monthly housing costs stay at or below 32 percent of your gross monthly income. Add to that, it’s also best to ensure that your entire monthly debt load (which includes your mortgage, utility bills, and credit card payments) shouldn’t go over 40 percent of your gross monthly income.

Find a good mortgage broker

Choosing the right mortgage is not as simple as choosing the one with the cheapest rate. Mortgage brokers have access to the right lenders, and can exert influence and chase benefits in a way that may be too difficult to handle yourself. “Over 25 per cent of Canadians used a mortgage broker for their last transaction, and about 47 per cent of all first-time home buyers used a mortgage broker,” adds Green.

Get preapproved

It’s important to get a pre-approved mortgage from your chosen lender. This will help you identify the price range of the homes you should be looking at and ensure that you can afford your purchase. “The pre-approval process consists of three quick and easy steps,” says Green. “Once this is done, your file will be sent for a pre-approval to the lenders that offer the best rate and product to suit your needs.”

Follow the tips above so you can avoid the various pitfalls homebuyers are likely to encounter. Don’t forget to team up with a reliable real estate company like RE/MAX Crest Realty Westside that can spare you from a lot of unnecessary stress and anxiety when considering prime Vancouver houses for sale.

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