Purchasing your first home in Surrey is a significant milestone, filled with excitement and questions. From understanding affordability and saving for a down payment, to getting pre-approved and navigating offers in the local market, each step is crucial. As your mortgage specialist, I simplify this journey for Surrey buyers. We'll explore potential first-time buyer incentives, find competitive rates, and ensure you understand every option. It's about empowering you to achieve your dream of Surrey homeownership with clarity.
What are "closing costs" besides the down payment?
These can include legal fees, land transfer taxes (if applicable in your province/municipality), appraisal fees, and home inspection costs. It's important to budget for these.
How long does the entire home buying process usually take?
It varies, but typically from starting your search to closing can take anywhere from a few weeks to several months, depending on market conditions and your preparedness.
Are there special programs available for Surrey first-time buyers?
Yes, programs like the RRSP Home Buyers' Plan and the First Home Savings Account (FHSA) can help. We can explore if these are a good fit for you.
What exactly is a mortgage pre-approval?
A pre-approval estimates how much you can borrow and often includes a rate hold. It shows sellers you're a serious buyer and helps you shop with confidence.
How much of a down payment do I actually need?
In Canada, the minimum down payment depends on the home's purchase price. It starts at 5% for homes up to $500,000. We can discuss your specific situation and how mortgage loan insurance works.