Guest Writer: Peter Radonjic, Mortgage Specialist for our Coquitlam Real Estate Blog. Helping home buyers understand the importance of talking to their Mortgage Specialist before making a decision about buying a home.
With the current crazy Greater Vancouver housing market it has never been as stressful to purchase a house. Complicating matters, mortgage rules and regulations are as strict as they’ve ever been – the federal government has tightened up mortgage rules five times since the US housing market collapse in 2008/09.
The combination of fierce competition and strict mortgage rules means it’s become even more vital to get as much of your homework done in advance before shopping for a home. A pre-approval is a crucial step to reduce stress and avoid potential pitfalls.
While tools like the TD Canada Trust Mortgage Affordability Calculator are useful to give you a general idea of what you may qualify for, be aware that the actual amount you will be pre-approved for will likely differ. For example, your income for qualification purposes may be different than your estimate due to regulations and policies. Other considerations may include: joint- and co-applicants, downpayment qualification and amount, credit score and issues, monthly debt obligations, taxes, interest rates, amortization length, closing cost funds, and potential property tax/strata fees/heating costs.
Start the home-buying process by sitting down with your Mortgage Specialist (I am available now at 604-789-8104 or peter.radonjic@TD.com). We can work together to determine how your mortgage will fit into your entire financial plan and goals and get an accurate pre-approval.
Additionally, this lets your Mortgage Specialist identify and eliminate any possible future obstacles in advance of an accepted offer – reducing the chance for something to go wrong with financing after you’ve committed to purchasing a property and possibly saving your stress levels from going through the roof!
Once the mortgage is pre-approved, TD commits to the interest rate for 120 days – giving you four months to shop with confidence.
This saves you and your Coquitlam Realtor, like Krista Lapp, time and money, as you and her can do a better job identifying properties that are a good fit for your individual situation and preferences.
Feel free to contact me if you have any questions about mortgages, financial planning, or would like to set up a meeting.
Good luck out there!
Peter Radonjic is a Mobile Mortgage Specialist for TD Canada Trust. The opinions and ideas reflected in this article are his only, and should not construe endorsement by TD Canada Trust or any related affiliates. Please feel free to contact him at 604-789-8104 or firstname.lastname@example.org