Your Okanagan Real Estate Source - Debbie Fisher - Dan Lochhead

Buying Real Estate

First Time Home Buyers

You've picked a great time to buy your first home. Despite steady appreciation of home prices, relatively low interest rates have kept the costs of home ownership at near historic lows. Here are some tips to help you with the process of becoming your own landlord.

Pre-qualify for a Mortgage

Being pre-qualified for a mortgage determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren't the only interested buyer.

Shop for Mortgage Rates and Terms

A difference of even half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 25 years, that's $10,500.

Using a Buyer's Agent

A buyer agent is legally responsible for representing the buyer's interest in a real estate transaction. Generally, the buyer agent is compensated by the seller at the time you purchase a new home. There are some limitations to using a buyer agent, however. Before you decide, have your Realtor explain the advantages and disadvantages of using a buyer agent.

Rate the Houses you Tour

Develop a list detailing all of the features you are looking for in a home. After touring each home, check off each feature the home has and write down any additional comments i.e what you liked and didn't like. Develop a rating system; this will help you narrow the field down.

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