Coastal Life Realty Ltd.

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First Time Buyers - Mortgage Info

Buying a house on the Gulf Islands may be easier than you think.
Get started with Ron Demmers, your Gulf Island Mortgage Broker.

With a purchase price of $225,000, a down payment of  5% ( $ 11,250 ),
your mortgage payment with a 5 year fixed rate of 3.89% and based on an amortization period of 35 years, would be $958.
With property taxes estimated at $100 per month,  your monthly payment is only $1058.
In order to qualify for this payment you will need an income
of $36,000 per year. If you are buying with a friend or spouse, that is only $18,000 each.
 Based on $10 per hour 40 hours a week, 48 weeks a year you make $19,200.
So it is truly possible!! ( other condition may apply )

How do you get started?
Knowing how much you can afford is a very important part of your home buying decision.
An experienced mortgage broker can quickly help you find out how much you can borrow.
In many cases, you will want to borrow less than you actually qualify for.
Start by deciding how much you want to spend each month.
Most first time buyers will use their present rent as a guide.
Owning your own home also involves the added expenses of home ownership such as maintenance.
Before owning a home, it is easy to spend money on impulse purchases.
Owning a home can involve focusing more of your financial resources on where you live.
For most people, buying their first home is the beginning of building their future.
Don’t let the complexity of buying a home stop you from getting on the road to a bright future.
When do I get started?
Buying a house is a big step to take.
Although it is possible to learn what you need to learn to buy a home in a matter of weeks, it is never too early to start learning about what is involved in the process of buying a home.
A patient broker can start by helping you understand what things cost, how much money you need for a down payment, and what the risks and rewards are for fixed or variable rate mortgages.
There is a lot to learn. Starting early and asking questions often ( and sometimes repeatedly) is the best way to ensure that you have the smoothest buying experience possible.

Should I use a mortgage broker?

A mortgage broker is a trained professional.
 As brokers, they have access to many lenders and in most instances can get you a better interest rate.
In addition, an experienced broker can sometimes provide you a better borrowing experience, as they have often been in the industry longer than junior people at lender branch level.
Mortgage brokers are paid by the lender, not by you, so you have the guidance of an experience shopper working on your behalf at no extra expense.
As a first time buyer, you will need to be apprised of current programs available to help you buy your first home.
Is working with a mortgage broker confidential?

There are strict laws protecting the clients of a mortgage broker.
A broker is not allowed to share your information with anyone, including your Realtor without your express permission.
With a good broker, you will have a safe and beneficial place to discuss your questions and concerns, from the start to the finish of your home buying experience.
What if I have bad credit?
The first thing to do is fill out a credit application and have your credit bureau checked.
A mortgage broker will not send your information to any lender without your permission.
This allows you the chance to review your credit file and decide how and when to proceed.
The best way to start repairing your credit is to know exactly what is outstanding.
An experienced mortgage broker can review all your options and put you in contact with the best agencies to help you repair your credit.
With a little patience, it is possible to repair a lot of credit problems and get on the road to home ownership.
No charge consultation.
Different people need answers to different questions.
All questions are good questions.
It’s your future.
Ask how you can start building it now.
If you would like to begin to understand what is involved in buying your first home on the Gulf Islands please call or email Ron Demmers anytime.
Ron Demmers
Disclaimer: Coastal Life Realty or Charmaine Harris has provided this information as a convenience to readers and does not accept any liability for the actions of Ron Demmers or Ambro & Associates.
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.