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First Time Home Buyer Guide Vancouver

You’ve decided to make the big leap in purchasing a home! Congratulations! Whether it’s a condo, townhouse, duplex or detached house – the process is the same. This first time home buyer guide Vancouver will show you a general time frame and process on how it works. It’s an exciting time yet it can be stressful in search for the ideal place to call home. I highly suggest to keep an open mind, be patient and trust your realtor to help you in making an informed decision to finally say “yes to the home”.

  1. When you have decided it’s time to buy, contact your mortgage broker or bank for a pre-approve mortgage. This determines how much you can afford based on your income and down payment. This process may take 3-5 days. They will usually send in your application to hold the current interest rates for 90-120 days. This will allow you to know what you can afford, and prevents you from bidding on a property, only to learn a lender won’t give you a mortgage for the amount you need. It also provides you a base on what price range you should be looking at when you look for a home.
  1. Find a realtor who you feel compatible to work with. Let them know what you’re looking for. Give them a maximum price range that you can purchase. Sit down with him/her to get the specific details on what your needs and wants are. Have your realtor to book a tour for places that may interest you.
  1. Once you find a property, sit down and write down the offer and have the offer presented. Review and go through all the proper subjects and conditions that you would like to ensure your protected and for your best interest. If and when the seller accepts your offer, You have 7-10 days to withdraw from the agreement if ‘subjects’ aren’t met
  1. When you do have an accepted offer, do your homework together with your Realtor by reading through Property Disclosure, ensuring all financing are in place and read all Strata Documents for Apartments and Townhomes. Make sure to ask questions about anything that you’re not familiar with to ensure you know exactly the condition of the property.
  1. Next on this First Time Home Buyer Guide Vancouver process is to arrange home inspection to ensure that there are no major defects. Lender may require an appraisal to confirm the value of the property. Have a land title search done to ensure there isn’t any liens, mortgages, fraudulent activity, leases on title, restrictions, and etc.
  1. Ensuring the financing by sending important documents to the lender. These documents usually includes paystubs, notice of assessments, bank account statements, job letters, and purchase contracts
  1. Once the mortgage has been approved by the lender, and all the other necessary homework has been reviewed then all subjects can be removed. From there, you have successfully completed the most stressful part of the buying process.
  1. Afterwards, you’re required to find a lawyer or notary is needed to help with all the legal paperwork involved. Also, prior to completion, make sure to find a suitable insurance broker to purchase the appropriate amount of insurance coverage for your needs and for the home. You’ll also need to arrange movers or friends/family to set a date help in moving in.
  1. In the meantime, the Lender will send all the mortgage details to the lawyer or notary. Once that is done, the lawyer or notary will arrange
  1. The final and last step in the First Time Home Buyer Guide Vancouver is the Possession date. This is where you finally get the keys and call yourself a home owner! This date is usually set either between 1-3 days apart depending on the arrangements between you and the seller that is stated in your purchase contract.

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