The Ultimate Guide to Navigating the Vancouver Real Estate Market as a First Time Home Buyer

Introduction: What Does it Take to Become a Homeowner in Vancouver?

Vancouver is one of the most desirable places to live in Canada. But buying property in Vancouver can be a daunting task, especially for first-time home buyers. The real estate market in Vancouver is highly competitive and the cost of housing is high. In this article, we'll discuss what it takes to become a homeowner in Vancouver, including navigating the real estate market and understanding the various costs associated with owning a home. We'll also provide tips on how to make your dream of homeownership a reality.

How to Get Pre-Approved for a Mortgage and Find the Right Lender for Your Needs

Getting pre-approved for a mortgage is an important step in the home buying process. It helps you understand your eligibility as per the bank stress test and based on your downpayment it gives you a better idea of what kind of loan you can afford. A first time buyer in Canada has the privilidge to pay just 5% on the first $500,000 which comes to $25,000 + 10% of the top amount ( Let's say condo costs $900,000) then 10% of $400,000 is $40,000. So total mandatory down payment to the bank is $65,000. When you buy a second home, you need to put down 20% of purchase price.

Pre-approval helps you shop in the right direction and saves your time and your Realtor's time too. With the right lender, you'll have access to competitive rates, flexible terms( Variable interest or fixed interest) and personalized service. Jeevikka, has a team of mortgage helpers who work efficiently and ensure you get the best interest rate and service. 

What are the Typical Closing Costs & Fees Associated With Buying a Home in Vancouver?

Buying a home in Vancouver is an overwhelming process but the Realtor you choose can make it seem effortless. Knowing what closing costs and fees you should expect to pay when purchasing a home is important for budgeting and planning purposes. There are a variety of closing costs associated with buying a home in Vancouver, property transfer taxes, lawyer fees, truck moving fees, strata move in fee and sundry expenses. Fortunately, with an experienced real estate agent like Jeevikka Shah, you can get help step by step right until you move into your new home. Contact her today! 

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