Making your first home purchase in BC can be a difficult process. Having to deal with finances, fees, and the surge in home prices in the past few months altogether may lead you to feeling discouraged. According to a recent poll from the Royal Bank of Canada (RBC), more than a third (36%) of non-homeowners under 40 believe they will never own a home, while 62% of Canadians believe a majority of people are being priced out of owning a home for the next decade. However, with recent news of the market leveling out and updates on BC programs like the First-Time Home Buyer Incentive (FTHBI), it seems that things are looking up! It is needless to say that buying your first home is one of life’s biggest financial decisions, one that will need some guidance. And we are here to help! Here are 6 tips for first-time home buyers in BC.
Assess your Financial Situation
Ensure your Buying Decision Suits You Now and Your Future
Get a Pre-approval and Consider an Alternative Mortgage Lender
Be Wary of Teaser rates!
Take Advantage of Government Assistance such as the First-Time Home Buyer Incentive
- The maximum eligible household income has been raised to $150,000 (an increase from $120,000)
- Participants can borrow up to 4.5 times their household income, up from the current four times
- The changes are limited to those living in the 3 cities (Toronto, Vancouver, and Victoria), while the original criteria continues to apply to those living in the rest of the country
Keep on Saving by Creating a Savings Plan!
You may be thinking, “Wow, getting a mortgage will be harder than I thought”. But don’t sweat, WiiBid can help! Through our simple application, borrowers gain direct access to a pool of lenders and experience a much faster mortgage approval rate, making the process easier and faster for first-time home buyers. WiiBid guarantees simple and secure solutions with our auction marketplace, resulting in the best and lowest mortgage rates in BC. ______ To learn more about WiiBid’s innovative digital mortgage marketplace, visit www.wiibid.com. Follow @wiibidcanada for deals and promotions to save even more on your mortgage through partnerships with real-estate professionals, lawyers, appraisals, and more.
Posted on by Sharlyn Monillas