Securing Your First Home Mortgage
6 Tips for securing your first home mortgage in North Vancouver
Congratulations! You’re ready to buy your first home. It’s an exciting time. But before you start driving around your favourite neighbourhoods in North Vancouver in search of “for sale” signs, make sure that you are fully prepared with the following tips.
1. Know your credit rating
Your credit rating is an important determining factor when applying for a mortgage. Knowing your score will prepare you for any obstacles you may face when trying to secure a mortgage for your first house in North Vancouver.
2. Create a budget
Before you apply for your first home mortgage in North Vancouver, you’ll need a clear understanding of where you are financially. Make a list of all your fixed and variable expenses. Track your spending for a few months to see where your money is going and if there are places where you could save.
3. Figure out how much you can put down
Since it’s your first home mortgage, use a mortgage calculator to determine what you can afford and how your down payment will affect the amount of interest you’ll pay. The higher the down payment, the less you pay in interest.
4. Choose the type of mortgage
There are two basic types of mortgages, open or closed.
- Open mortgages – Often have higher interest rates but they give you the freedom to pay your mortgage off sooner with extra lump sum prepayments. Open mortgages are great if you are able to periodically make large payments or if you are planning on reselling your home quickly.
- Closed mortgages – Usually have lower interest rates but will place a limit on the amount of prepayments you’re allowed to make. Closed mortgages are good if you are planning on living in your home long term and aren’t planning on making many lump sum payments.
5. Speak with a North Vancouver mortgage broker
Speak to one of the professional mortgage brokers at Rala Investments to get advice on mortgage types, current housing market trends, interest rates and how to qualify for your first house mortgage in North Vancouver. A mortgage broker puts your interests first, not the lender’s, so you get the best possible terms for your first home mortgage.
6. Get preapproved by a mortgage broker in North Vancouver
A mortgage broker from Rala Investments can get you preapproved so that you can start looking for the perfect home in North Vancouver right away.
For a mortgage broker in North Vancouver with your interests at heart, think Rala Investments. We’ll help you find the funding you need to make your dream a reality. Contact us for more information or to get started on your mortgage application today!