Buying or selling a property can be a large and confusing task full of emotions. Whether you are excited about purchasing your first home, or have mixed emotions about selling the property you raised your children in, making an informed and educated decision couldn’t be more important. Keeping our clients up to date with real estate knowledge, plus answering those burning questions is our top priority. Peakman Group touches on popular real estate subjects monthly. This month we delve into the ins and outs of financing.
Have you walked into a car dealership and seen it? “The One”. Maybe for you that’s a 4 door extended cab truck with big off road tires. Or could it be that sleek 2 door coupe, made for 2 with a dream sunroof. It happens to us all! You walk over, peek in the window, admire the finishing’s, then stumble upon the price tag. Believe it or not, this happens all too often with homes as well. Working with a mortgage specialist before you venture out to purchase, or sitting down with a professional to figure out what price point you need for the sale of your home before moving into the next one couldn’t be more important. Falling in love with a home that is out of reach, or on the flip side figuring out that selling may not be your best option can be heart breaking, these are two examples of why preapproval is so important.
But who do you work with? Most folks automatically consider sitting down with the bank to discuss their move. Banks have great product options exclusive to them. A mortgage broker is a great option as well and they tend to do the “shopping around” for the best rate for you. Either may offer options that you may not have been aware of.
Another common concern we see is securing a down payment. It is crucial to have your down payment accessible and ready to go when you are buying. Pulling money from stocks, RRSP’s etc. all take various amounts of time. You would hate to lose the home you’ve decided on simply because of a timing error. Talk to your Real Estate Professional or mortgage specialist to ensure you are prepared.
Being an informed and financially prepared client allows us to assist you with the purchase or sale in a smooth and timely manner. We work with fantastic mortgage brokers/ bank specialists, and would be more than happy to connect you. Peakman Group has created an app to provide you with all their contact information at the touch of a button! Be sure to check out our app on Google Play and the App Store. Stay tuned next month as we discuss the topic of “Inspections”.
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