Sutton - Centre Realty 3010 Boundary Road Burnaby BC V5M 4A1
Copyright © 2011 Arthur Armstrong All rights reserved.
EXPERT REAL ESTATE ADVICE AND KNOW-HOW
ARTHUR ARMSTRONG
604-240-8302
BURNABY REAL ESTATE
BUYING YOUR FIRST CONDO
One of the most common first-time home buyer questions is affordability. Here are four ways to help make your home-buying experience smooth and straightforward:
1) UNDERSTAND YOUR FINANCIAL SITUATION
Your financial needs will change and evolve throughout your life. Working with a trained professional to understand your current financial situation and your future goals can help assess what type of home you can afford.
2) ASK ABOUT YOUR CREDIT HISTORY
A credit rating is a measure of hoe dependable you are art repaying your debts. A good credit rating goes long way to helping you obtain credit and determine the interest rate you receive. For example, if you pay your bills on time or if you repay a loan, you will be in good standing with the credit bureau. So, when it’s time to borrow, a lending institution will know you are credit-worthy. For more information on your credit history, contact TransUnion or Equifax Canada and get your credit report free of charge by mail.
3) GET PRE-APPROVED
By getting pre-approved, you will know how much you can afford, which will allow you to shop with confidence within your price range and prove to sellers you are a serious buyer. Plus, obtaining pre-approval is absolutely free.
4) ASK ABOUT EXTENDED AMORTIZATION
The extended amortization feature is available on most mortgage products. The feature provides buyers the flexibility of lowering their mortgage payments by spreading them over a longer period of time, helping ease budget and cash-flow issues. But keep in mind that by extending your amortization, you will increase the amount of interest that makes up your mortgage payment. Be sure to choose a mortgage that allows you to increase payments and make lump-sum payments.
Keep these important points in mind to help you find the condo you love at a price you can afford.
