Buying Your First Home

2007/08/03 Originally published in the Vernon Morning Star.

Buying your first home may appear to be a daunting process, but it really isn't, if you start by arranging your own personal team.

Start by choosing your mortgage broker. Some mortgage brokers are a lot more helpful than others. You should also interview at least one or two bankers. A good mortgage broker is devoted to finding you the best possible deal on interest rates and mortgage contract terms. Bankers are generally very competitively priced and can negotiate their rates at sometimes considerable benefit to you as a buyer. So both mortgage brokers and bankers should be given proper consideration.

Through the process of choosing your banker or mortgage broker you will have been qualified to borrow a certain number of dollars. This is vital information you need before you even begin to start selecting your home.

How do you find a great banker/mortgage broker? Ask a realtor.emptyhouse

The realtor is the next person to add to your personal Buyer Team. To be sure you are in the hands of a great realtor ask the people you know and trust. People will be only to happy to tell you who they worked with that they felt did a good job, and they'll be equally happy to tell you if they had a less than satisfactory realtor experience. That can be helpful too.

The qualities you need in a realtor are the obvious. Experience, honesty, trustworthiness and competence. They must also be good listeners or you'll never communicate well with that realtor. A good realtor will have your best interest in mind. They will give you solid advice and guidance throughout the home selection and buying process. Your realtor is a professional who knows the ropes and you can benefit hugely from what your realtor knows.

The final person you need on you Buyer Team is your Home Inspector. Select only the Home Inspectors that have the Registered Home Inspector (RHI) designation. I would recommend that you don't even consider a purchase without a home inspection, even if it is a brand new home. To get the names of quality Registered Home Inspectors ask your realtor.

With your good team assembled the rest of the task is actually very easy. Enjoy!

Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email her or call 503-3755.

RE/MAX Vernon | 250.503.3755 | Toll free 1.888.503.3755 | 5603 - 27 ST | Vernon | BC | V1T 8Z5 | Canada

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Buying Your First Home