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 an 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.

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!

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.