Buying and Selling A Home In Vancouver? Top 5 Mortgage Tips from our Mortgage Experts at Primaria!
Oct 22, 2019
Oct 22, 2019
Real Estate isn’t just about buying and selling a home in Vancouver. It’s about relationships. Buying and selling your property is an exciting step but it comes with many moving parts! Choosing the right team of experts – from The Resident Experts to Mortgage Broker to Lawyer or Notary – is essential in helping you through the process. We asked our trusted mortgage partners, Laura Gudewill and Cara Savege with Primaria Mortgages, to provide 5 mortgage tips when thinking about buying and selling a home in Vancouver.
Secure a pre-approval so you know your numbers, understand the costs and are in a position to act quickly if you see that property that’s just right. A good Mortgage Expert will review your documents upfront to ensure there are no last-minute surprises. They will talk you through the numbers, give you a rundown of what you can expect for closing costs and the mortgage process and will be a great resource each step of the way.
Be conservative when estimating net proceeds from your sale for the down payment on your purchase. Lots can impact your sale price, especially in a changing market, so it’s best to be conservative when planning for your next step. If your down payment is higher than expected that just improves your situation. It would be disappointing to build a plan and not have enough for your down payment. The team at Resident Experts are the perfect people to help advise on what’s realistic.
Plan for your deposit as this is often needed before you receive the sale proceeds from your sale. This may come from savings, family, a Home Equity Line of Credit or, in some cases, Deposit Financing can be explored. A good Mortgage Broker will help you plan for this upfront, again so there are no last-minute surprises!
Keep your financial picture, credit and employment stable as any changes can potentially have a significant impact on your pre-approval. Many people don’t realize that buying a car with lease payments – or any new debt obligation – can have a big impact on their pre-approval. Changing jobs especially if you don’t have a guaranteed salary might raise concerns for a lender as the way they look at income varies. Remember, a pre-approval is only valid as long as nothing changes!
Stay connected and loop your Mortgage Broker in early when you find a spot that you’d like to make an offer on. They can help run your numbers, review the property and act quickly when you have an accepted offer. Remember – the property is a key piece of the puzzle for any lender and is not yet factored into the pre-approval. Approval of the property by a lender happens at the time of an accepted offer.
Not sure where to start? While there is lots to think about, having experts on your team will make the process much smoother! It’s important to find advice you can trust, information you can rely on, and – above all – people with the experience and expertise you need to provide solutions that fit your needs and goals. If you have questions for The Resident Experts or the team at Primaria Mortgages, don’t hesitate to contact us. We’d love to chat no matter where you are at in the process.