With close partnerships in the region, we are able to connect you with quick access to resources that make buying and selling a home seemless.
We’re Also Locals
We know the Okanagan inside and out. We have the knowledge to determine your desired location with just a few pointers.
1) Pick the right Lender
There are many lending institutions out there that want your business. It is crucial that you take your time and figure out exactly which one is the right fit for your needs. When making your selection, we recommend cross-analyzing them across the following areas:
- Their ability to explain things clearly and understandably
- How competitive their fees and interest rates are
- How closely their available programs fit your specific financial needs
2) Check your credit score
Your credit score is vital in determining if you are eligible for financing, and how much financing you can get. Before seeking financing from a lending institution, we recommend that you have them determine your credit score, so that we can determine exactly what your price range is.
3) Put together important documents
A good place to start when thinking about financing is to have all of the most important documents at the ready. These documents include:
- Any financial statements
- Bank account information
- Investment statements (mutual funds, stocks, bonds, 401k, etc.)
- Credit card statements
- Information on any current loans
- Tax returns (preferably for at least the past 2 years)
- Statements detailing any other assets or liabilities
4) Choose the most suitable type of loan
Once you have chosen the right lender, you will need to work together with them to determine which loan program they offer that will best suit you. There are so many options available that it can be confusing, but if you take your time and confer with your lending agent, you should be able to determine which offering will work best for your financial situation.
Your new relationship with money
Buying a home is one of the most important financial decisions you will make in your life, and sometimes it can necessitate changes in the way that you deal with money. When you make your purchase, you want to be financially stable, and have plenty of backup capital in case of emergencies. It is a good idea to have credit cards mostly paid, to open no more lines of credit, and to start out with at least enough savings to cover the initial costs of buying a home (inspection, down payment, insurance, etc.). With this type of long-term investment, it is vital that you spend wisely, and save whenever you can.
Getting pre-approved for a loan isn’t mandatory, but it can make the difference when you are in the market to buy. If you are serious about buying a home, we recommend that you get pre-approved. This is primarily so that you can figure out your price range and start making plans around it. Beyond that, pre-approval puts you in a better position when making offers; you will be taken far more seriously if you have a lending institution backing your intent to buy.
Research and Plan
Buying a home is a very big deal. For something so important, it is essential that you take your time and do your due diligence before you take the plunge into home ownership. Figure out exactly why you want to buy a home, do your research, and plan for the future. Part of this is determining not only what kind of home you want, but also what you can afford. Equipped with this knowledge, you can take control of your financial situation, and make the most out of what you have available.
Don’t shy away from browsing
Even if you already know exactly what you want in a home, keeping an open mind early on can help you in the long run. Viewing a variety of homes can help you to determine what is practical, what isn’t, and other things that you may not have known about homes.
When you find a home that you love, the next step is to make an offer. When making an offer, it is important to take the condition of the local housing market into consideration, as this will determine the seller’s response. If the market favors buyers, then they will be more inclined to accept offers below their asking price. If the market is in favor of sellers, then the opposite applies. Other factors will affect the seller’s willingness to negotiate the price, including personal factors that you are unlikely to be aware of. As long as it is reasonable, don’t be afraid to make the offer that you are comfortable with.
Final steps before owning your new home
Now that you and the seller have come to an agreement, it is time to put everything in order for one of the biggest decisions you will make in your life. A good place to start is with the lending institution that pre-approved your loan. Since you have been pre-approved, finalizing the loan should be very easy and straightforward. After this, there are just a few more things to do before becoming a new home owner.
Do a title search – a title search gives you a full view of any legal matters concerning your home. This is to verify that there are no pending legal actions against the title of the property, which is necessary when purchasing Title Insurance.
One last Walk-through – during the last walk-through, you will have the chance to go around the property and make sure that everything is exactly as it was when you and the seller finalized your agreement. Around the same time, it is a good idea to do an inspection if you haven’t already done so, just so you have the complete picture of your new home.
Closing and Final Settlement – on the agreed upon closing date, you will go to your lawyer and finalize the transaction, signing all the necessary paperwork and paying all closing costs. This is where all of your legal fees, transfer taxes, and the down payment are paid.
Once all of this is complete, your lawyer will provide you with copies of all relevant documents, including the title deed. Congratulations, you are now the owner of a new home!
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