A house is one of the biggest purchases you will make in your life. It’s a big financial undertaking, so you need to assess your finances and make sure you are ready for it and in it for the long haul.

Consulting a financial planner in Vancouver first can help you understand your financial capabilities to fund your new home. You don’t want to get into home buying when you have so many other financial obligations and debts. This is why it’s a good step to talk to a financial planner in Vancouver such as ZLC Financial first.
These tips can also help you:

1.Pay more down payment.
The higher your down payment, the lower your monthly mortgage will become. This also has a lot of benefits such as competing better with others and being able to get the mortgage rate that you prefer. Since you have a higher down payment, your risks are lower, making it easier for banks to let you borrow money.

2.Compare interest rates.
Don’t just go with the first lender you can find. Make sure you compare different lenders and the interest rates they are offering. Find a good lender with the most reasonable rates.

3.Consider your debt-to-income ratio.
Be more realistic in your purchase. For starters, you need to consider how much your debt-to-income ratio is. How much do you pay for debts each month? It should not go beyond 43%. If it goes more than that, you will have a hard time paying for your other expenses.

4.Consider the closing costs.
There are many other financial obligations that you have to deal with such as the closing costs. The closing costs include taxes, appraisals, fees for a real estate agent, lawyers, and many more. There are times when sellers will shoulder the closing costs such as when the house is in a bad shape and still needs to be renovated but it’s important to know just how much you need to spend for it.

5.Get a mortgage pre-approval.
You can get a mortgage pre-approval to make the process easier. This can also ensure that you will get the mortgage that you prefer instead of being stuck with a high-interest rate when you are already in the buying process.

It’s a good idea to assess your finances first with the help of a financial planner in Vancouver. Know how much you can afford so that you won’t have a hard time keeping your home.

For more details about Group Benefits please visit our website: zlc.net