Know What You Can Afford
This one feels like such a no-brainer that it hardly qualifies as advice. But it’s a little more complex than the ‘can I afford it’ calculation that you go over in your head all the time (those shoes, that restaurant, that latte every day — all solid decisions, by the way). You can use our mortgage calculator to get a starting idea of what’s in your price range. Plus it’s fun to use the calculator to see what you could afford if you just made $100,000 more per year.
But, once you have a general idea and you start getting serious, you need to get a proper assessment from a financial advisor. This way you can know, not only what you can afford now, but also get advice on what your price should be when taking into account all the expenses that go with home ownership and they can fill you in on everything else that comes with a first home, like the tax benefits for first time homebuyers.
It’s important to know that you can speak with a financial advisor and get advice without being locked-in to working with that financial advisor or even with their credit union or bank. But it’s best to go to a financial advisor at your financial institution so they have a more complete picture of your finances right at hand. We know some good Financial Advisors who have your best interest at heart.
Then, once you know the financial advisor and institution you want to go with, you get a pre-approved mortgage that tells you exactly what your budget is. That way you go into the search with confidence.
Find Your Home
Here is the step that can be really fun. And stressful. But hopefully it’s more fun. Tour around, find the spots that strike you as where you want to be. Don’t just rely on google street view get out there and see the neighbourhood. There’s so many great places in the Kootenays and our financial advisors can help with insights into the different spots. Once you have a good idea of where you’re buying, you’ll want to consider a real estate agent. They can help you find a home, you may not even have known about or realized was a true gem.
Make An Offer. Get Your Mortgage
When you find the home you love, you make your offer. Speak to your financial advisor before you do, and touch base with them throughout the process, they love to know how you’re doing. That way, you can be sure there’s no surprises in your offer. When your offer is accepted (congrats!) you create the mortgage that’s best for you. At Kootenay Savings, we have a truly great mortgage, the Flex Choice Mortgage, that can be customized to your needs. The Flex Choice also allows great flexibility for the future if you ever need to borrow against your mortgage as there will be no additional legal fees and streamlined approvals.
With Kootenay Savings we’ll have discussed your mortgage needs with you during your pre-approval so probably you’ll already likely have a good idea of what your Flex Mortgage will look like. But, this is when it becomes finalized.
While we can’t help you with moving your stuff, because we’re busy that day, we can help you with the home insurance you’ll need. Just speak to your financial advisor, though they’ve probably already mentioned it by now. Most of all, enjoy your new home and when it’s getting close to time to renew or refinance check out this handy article for some tips and advice.