What can you afford?
Buying Real Estate, what can you afford?
Before you start looking it's important to know what you can afford. By knowing this you will save time by eliminating those homes out of your price range and will help you narrow your search by clarifying neighborhood and type of home. If you require financing it's crucial you obtain a mortgage pre-approval as soon as possible. The two main reasons are:
1. When you are pre-approved your interest rate is locked-in at today’s interest rate. If rates rise tomorrow you are not affected by this increase because you are locked-in.
2. In the current sellers market, competing offers are a common occurrence. Imagine you have found your dream home. You decide you would like me to write an offer for you. While writing the offer I learn that another buyer is also interested in the property and that your offer will be competing with another offer. You will be in a much stronger negotiating position if your financing has already been arranged.
There are a number of factors to consider when obtaining a mortgage pre-approval:
* What type of mortgage is best for you?
* What should the amount of the down payment be?
* Are you eligible for an RSP homebuyer withdrawal?
* There may be a fee for the mortgage application and an appraisal fee
* Documents needed to secure a mortgage include:
- A copy of the real estate listing of the property OR for a new home, the builders plans, lot size and location
- A copy of the offer to purchase
Documents confirming employment, income and source of pre-approval.
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www.davidvalente.com
Prudential Sussex Realty
Committed Service. Real Estate Sales.
Real Estate North Vancouver. Real Estate West Vancouver. Real Estate Downtown Vancouver. Real Estate in the Lower Mainland. Buy and Sell Real Estate.