The Importance of Getting Your Finances in Order When Considering Buying a Home
The Importance of getting your financing in order when looking at purchasing a home. Especially considering all the changes to mortgage rules these last couple years.
First-time Home Buyer? Buying your first, second or third home can be very exciting but can also be stressful but it doesn't have to be. As a first-time home buyer or even if it's your second time you probably have many questions. A good Mortgage Advisor should take you thru a step-by-step process with personalized assistance for your unique situation for short and long term needs. A Mortgage Advisor should be by your side each step of the way. Helping you understand your options and what to expect within the process of being pre-approved, all the way through finalizing your mortgage and the purchase of your home.
Why Getting Pre-Approved is so Important
One of the first steps in buying your home is obtaining a pre-approved mortgage. With a pre-approved mortgage you will:
1. Know how much you can afford and what your payments will be
2. Lock in your interest rate at today's rate! Most lending institutions can hold rates for 90 to 120 days. At RBC the rate is held for 120 days or 4 months. RBC also has an automatic float down meaning you get the lowest rate within the 120 days should rates drop.
3. Demonstrate to sellers and their agents (realtors) that you are a serious buyer, which can help when negotiating your purchase.
Tony Marchigiano | Mortgage Specialist - Mortgage Sales BC Region, RBC Royal Bank | Royal Bank of Canada | T. 604-505-7109 | F. 778-737-0054
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