First- Time Home Mortgages Victoria

5 Tips For First- Time Home Mortgages In Victoria

First home mortgages seekers in Victoria often find themselves very confused and understandably so. When we have not experienced something like this for ourselves before, the process can be very overwhelming. That's why first home mortgages are best handled by Victoria professionals.

But there is more to this process than simply calling a professional mortgage broker. Let's take a closer look at the most important first home mortgages tips for Victoria residents, so that they can avoid all of the usual pitfalls.

1) Know What Is Truly Affordable

Shopping for a home can be a very emotional process that causes many of us to lose our heads. We can make this much easier on ourselves by knowing exactly what we can afford. This keeps us from wasting time looking at houses that we are not actually going to be able to secure a loan for. If there is any confusion about the total costs, be sure to speak to a professional about all of the hidden fees that are not always considered.

2) Know The Necessary Down Payment

Without the necessary down payment, it is going to be very difficult for the prospective homeowner to receive a mortgage loan that is fair and equitable. As a rule of thumb, we are supposed to have 20 percent of the home's value on hand to provide as a down payment. Those who cannot adhere to this rule are taking a major risk as far as their mortgage loan rates are concerned.

3) Choose The Right Agent

Does the agent have a strong level of knowledge of the neighborhood that is being considered? Do they have a strong track record when it comes to assisting their clients? Once we have pinpointed the area of Victoria that we wish to live in, it is time to find an agent that is familiar with the region. The last thing that we want to do is select an agent that cannot offer us the proper level of insight into the neighborhood that we are considering.

4) Have All Paperwork Ready

Don't rely on a mortgage broker to take care of everything. We need to be as proactive as possible when it comes to this aspect of the process. This is one of the most crucial financial decisions that we are going to make over the course of our lives. Before embarking on the process, be sure to obtain a fully up to date credit report. If there any discrepancies to be found, get them fixed as rapidly as possible.

5) Don't Make Large Credit Purchases

When we are in the process of receiving home mortgages, a large credit purchase is one of the worst mistakes that we can make. The money that is going to be used for the down payment and other various expenses will need to sit in the bank account of the applicant for a specific period of time. We cannot spend big and simply replace the money before the big day arrives. This is a troubling pattern that is going to give lenders serious pause.


First- Time Home Mortgages Victoria
ResCom Mortgage Solutions Inc.
201 Selby St, Nanaimo, BC V9R 2R2

View Larger Map
Tags: Mortgage Broker Victoria    Mortgage Broker Nanaimo    Mortgage Refinance Victoria    Refinance Mortgage Loan Victoria    Refinance Mortgage Rates Victoria    Bad Credit Mortgages Victoria    Mortgage With Bad Credit Victoria    Debt Consolidation Mortgage Loan Victoria    First-time Buyer Mortgage Victoria    Investment Property Mortgage Rates Victoria    Credit Repair Mortgage Victoria    Mortgages For Self-employed Victoria    New To Canada Mortgage Victoria    Renovation Mortgage Victoria    Mortgage Refinance Nanaimo    Refinance Mortgage Loan Nanaimo    Refinance Mortgage Rates Nanaimo    Bad Credit Mortgages Nanaimo    Mortgage With Bad Credit Nanaimo    Debt Consolidation Mortgage Loan Nanaimo    First- Time Home Mortgages Nanaimo    First-time Buyer Mortgage Nanaimo    Investment Property Mortgage Rates Nanaimo    Credit Repair Mortgage Nanaimo    Mortgages For Self-employed Nanaimo    New To Canada Mortgage Nanaimo    Renovation Mortgage Nanaimo    Bad Credit Mortgages Campbell River    Mortgage Broker Campbell River    Bad Credit Mortgages Courtenay    Mortgage Broker Courtenay    Bad Credit Mortgages Parksville    Mortgage Broker Parksville    Invest In Private Mortgages Vancouver    Invest In Private Mortgages BC    Invest In Private Mortgages Nanaimo    Invest In Private Mortgages Victoria    Private Mortgage Investing BC    Private Mortgage Lending Opportunities BC    Bad Credit Mortgage Lenders BC    Bad Credit Mortgage BC    Bad Credit Mortgage Loans BC    Invest In First Mortgages BC    Invest In Second Mortgages BC    How To Get A Second Mortgage BC   

We welcome your comments!

First- Time Home Mortgages Victoria
Apply Now

Experience the Difference!


ResCom Mortgage Solutions Inc.

201 Selby Street
Nanaimo, BC V9R 2R2

TF: 1.855.585.2080

F: 1.877.277.6380

Facebook | Twitter | LinkedIn

Subscribe Newsletter

Recent Blog Posts