Discovery Insurance Brokers Victoria
Discovery Insurance Brokers Victoria
  Discovery Insurance Services #26-1644 Hillside Ave.
Victoria, B.C. V8T 2C5
Tel: (250) 592-4887
Toll Free: 1-888-567-9555
Fax: (250) 592-4099
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Discovery Insurance Victoria BC
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Home > Resources > Home Ownership in Victoria - The Next Big Step

Home Ownership – The Next Big Step

Your first home in Victoria may be the biggest purchase you make, so knowing you can afford and maintain it is top priority. If you are purchasing with your spouse, communication is important especially around new budget and expectations. Before you start here are some helpful tips.

  1. Start saving for the down payment.
    This is where tax free savings accounts come in handy, but  make sure it is invested in something that pays a decent interest rate. If you qualify you are able to roll RRSPs into your down payment but remember you must pay the money back over the next 15 years.
  2. Determine how much you can afford.
    Remember it is not just the interest and principle payments you are paying but taxes, utilities, cable, home insurance, life insurance and disability insurance on the mortgage, and if you are in a strata or a condo, they have their own fees.
  3. Credit record
    Stay on top of your credit record. Every time you pay a bill or apply for credit, two credit reporting agencies (or credit bureaus) – Equifax Canada (www.equifax.ca) and TransUnion Canada (www.rnsunion.ca) – take note. This information is used to calculate your credit score, which is a key measure a lender will consider when deciding whether to offer you a mortgage. Information is kept on file as long as 14 years, so it’s important that you ensure the credit bureau records are up to date and correct. Each will release your file to you at your request. Their processes differ, so visit their websites for more information.
  4. Pre-Approval
    It is always good to talk with a mortgage broker or your bank to get pre-approval for your loan. That way when you find your dream home you won’t be disappointed that you don’t qualify for something that is too expensive. You can usually lock in at the current interest rate for a certain period of time.
  5. Communication is key
    Talk to your spouse about priorities and concerns. In addition to the financial aspects of buying and owning a home with someone, it’s also important to regularly communicate about the emotional side of money, including your spending and saving priorities and habits.
    You may love trying out a new restaurant each month, while your partner may like to splurge on the latest gadgets. That’s fine. It just means that you need to set clear expectations with each other on how you will use your discretionary income.
    It’s important to discuss expectations and goals for the money you’ve saved as well. One person may be expecting to put some savings towards new flooring, while the other may be eyeing a new leather sofa. Or one person may feel it’s very important to save for retirement, while the other may have vacations as a priority. The goal is to ensure that you understand your monthly cash flow, talk abut your finances openly and do not overspend and accumulate debt.
Work with a professional
Whether you’re purchasing your first home now or later it is always a good idea to talk with a financial professional. Where is the best place to take your down payment from? Should you pay a bit extra on the mortgage or invest in RRSPs? When you have a plan in place, review it regularly.

 

Discovery Insurance Brokers Victoria Discovery Insurance Brokers Victoria
Hours of Operation
Monday:   9:30AM - 5:30PM
Tuesday:   9:30AM - 5:30PM
Wednesday:   9:30AM - 9:00PM
Thursday:   9:30AM - 9:00PM
Friday:   9:30AM - 9:00PM
Saturday:   9:30AM - 5:30PM
Sunday: 11:00AM - 5:30PM

Located at Hillside Centre

Discovery Insurance Brokers Victoria

 

 

Discovery Insurance Brokers Victoria
Discovery Insurance Brokers Victoria
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