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Advice for Buyers

Getting Started

1. Determine your budget!  Get pre-authorized. See a mortgage broker (or several) or your favorite banker or both and determine the amount of mortgage you are pre-authorized for. This is the most beneficial information you can give your realtor.  He/she can then avoid showing you homes out of your price range, inevitably making anything affordable look “less than” in comparison as well as wasting time. 

It also creates the opportunity to be approved at a particular interest rate which can be locked in for 3-6-9-12 months.  If a lower interest rate arises, they will honour the lower amount but if the rates rise, your rate will remain the same as promised. It gives you a chance to relax while looking for the perfect property. 

Also, bear in mind that a larger down payment = a lower monthly mortgage payment but don’t think owning a home is out of your reach because you don’t have $20,000 stashed away. Talk with the mortgage broker about creative financing ideas.  They have far more education in this field than you or I.

2. Make your wish list:  Visualize, dream, whatever you want to call it….make a list of all things important to you.  Start with location, square footage, bedrooms, baths, age of home, type of dwelling, size of yard/garage and then get more specific: appliances, flooring, color schemes, toys (hot tub, pool, tennis court).

Another great idea is to determine the 5 most important “must-haves” and “can’t tolerates”.  i.e. Must have a double garage, can’t tolerate a busy street.

3. Set deadlines and plan of attack:  I want to be in my home by_______. I will go out looking on Saturday mornings and/or Wednesday afternoons for 2-3 hours at a time.

4. Educate yourself. Look on www.realtor.ca and see what appeals to you.  Communicate with your realtor by phone or e-mail.  Let them know what properties interest you but listen to what they have to say, as often times they have already seen the property and they have more insight than you could derive from photos online. 

5. When you find the right property, make an offer.  “He who hesitates is lost.”

6. If the offer is accepted, act on removing subjects efficiently and effectively.  A home inspection is always recommended, particularly on an older home and you should be present for the last 45 minutes to an hour to go over any issues with the inspector.

Remember that usually your deposit is required within 24 hours of final subject removal so have these funds available at a moment’s notice. 

7. Once the offer is accepted, final subjects are removed and the deposit is paid, this deal becomes “firm”. You’re in now and not likely to get out without a lot of hassle and heartache. Be sure this is the one you want.

Here are some numbers you may find helpful on this journey.


Helpful Numbers

Mortgage Brokers

Homeline Mortgage
250-861-HOME (4663) or 250-808-1000 (cell)

Brenda Dilley or Pam Martin
brenda@homelinecanada.com

 

CreativeMortgage Corp.
250-717-8949 ext. 103 or102

Lesley or Shaun Pierce
lpierce@creativemortgage.ca

 

The Mortgage Group
250-862-1794 or 1-800-884-4101

Romany Runnalls
romany@aquariusmortgages.com

 

Conveyancing Lawyers

Kelly Cairns 
Thomas Butler LLP

250-763-0200
kacairns@thomasbutlerllp.com

 

Richard Montgomery
Montgomery Miles

250-980-3360
richard@montgomerymiles.com

 

Home Inspectors

Pillar to Post (David Kilby)
250-765-4134


Professional Assurance Inspections
250-864-1559


Home Insurance Agencies

Wilson M. Beck Insurance Services
2040 Springfield Road

250-763-3840

Capri Insurance
Capri Centre Mall

250-860-2426 OR
Westbank Towne Centre Plaza
250-768-3866

 Interior Savings Insurance Services  
(several locations)  250-712-4045


Utilities

Terasen Gas 1-888-224-2710

City of Kelowna 250-763-6011

Telus Phone 250-310-2255

Shaw Cable 250-762-4433

Fortis BC (Electricity) 1-866-4FORTIS

School District #23250-860-8888

 

Water & Irrigation Districts

Black Mountain Irrigation 250-765-5169

Glenmore Ellison 250-763-6506

Lakeview Irrigation District 250-769-4322

Rutland Waterworks 250-765-5218

South East Kelowna  250-861-4200

Westbank Irrigation District 250-768-5154

 

Staying Organized