How to Book a Mortgage Appointment
You’ve been following Penticton BC real estate news closely over the last few months. You’ve also been paying attention to Bank of Canada announcements regarding the prime rate and bond market activity, and how they impact mortgage rates. Subsequently, you’ve come to the conclusion that now is the perfect time to buy a home. This is a very sound assessment, because if you wait much longer the prices of Okanagan homes will rise further as inventory tightens. That, and the Bank of Canada will inevitably raise the prime rate after holding it steady for two years. Given that you’ve also done your homework about the necessity of working with a mortgage broker as a first time buyer, you’re ready to take the next step – booking an appointment. Is doing so as simple as calling or filling out a contact form, or are there other things to consider before tapping “Call” or “Send”? Let’s review.
3 Important Questions to Ask Yourself Before Booking an Appointment with a Mortgage Broker
I. Do I Need to Get Pre-Approved First?
Many new buyers assume that they have to go and get pre-approved on their own before booking an appointment with a mortgage broker. Excuse the loose analogy, but that’s like hitting the gym for a month to get in good enough shape prior to booking a session with a fitness trainer. Ironically, doing so could set your fitness goals behind as you may exercise with bad form and put yourself at risk of injury.
A mortgage broker is here for you from the very beginning, and will actually help you get pre-approved, ensuring that there are no missteps in the all-important beginning phase of the home buying process. For further insight, view more on the mortgage pre-approval procedure, and follow up by contacting us to book your appointment.
II. Do I Already Need to Know What Type of Home I Want to Buy?
Most people have a general idea of what they want, but you really don’t need to know this before you book your first appointment with a broker. In fact, assuming that you can only afford a certain type of property (i.e. a small condo) puts self-imposed limitations on your dream of finding a home that is perfect for you and/or your family. By booking your first appointment with a broker before resigning to what you think you can afford, you will very likely leave the initial consultation with better prospects that you imagined. This is because a broker is often able to increase your buying power! This is especially helpful in the BC Southern Interior, where homes are flying off the market and increasing prices. Let’s find out how much more you can actually afford by booking your first appointment right here.
III. Do I Need to Know Which Type of Mortgage to Get?
Uncertainty surrounding the difference between fixed and variable rate mortgages (and the nuances within each) is something that makes prospective buyers procrastinate even further. The desired term length of mortgage is also a major question mark for most. Should you drop a big downpayment and get a 10-year mortgage, or is a smaller downpayment with a significantly longer term more realistic for your financial situation? There is also a lot of confusion regarding which lenders to approach, be it traditional banks or alternative private lenders, and how their respective terms will vary.
Considering these uncertainties, we once again pose the question – do you need to know which type of mortgage to get before booking an appointment? Absolutely not. In fact, it’s better that you don’t. Instead, enter your initial consultation with an open mind and acceptance of the fact that you have more power over which type of mortgage to get that you ever before anticipated. Your broker will break down the differences between fixed and variable rate mortgages, traditional and alternative lenders, the length of mortgage you should choose, and most importantly will offer you access to a number of first time buyer programs that you didn’t even know existed.
Book Your Appointment Today | Call 250.493.9111
To reiterate, you don’t even need to answer any of the questions above to schedule an appointment, at least not when it comes to our mortgage brokerage. We’re here to reduce your workload and are on standby for when you’re ready to get started. Call Penticton mortgage specialist Rene Carloni today at 250.493.9111.