Buying a home in the beautiful Okanagan Valley, or anywhere across BC or Alberta, can be exciting—but maybe a little overwhelming? We find that many buyers could potentially make mistakes that cost them time, money, or stress. One of the biggest pitfalls? Trying to navigate the mortgage process without expert guidance. Here’s what you need to know.
1. Not Getting Pre-Approved for a Mortgage
Skipping pre-approval can slow down your home purchase or weaken your offer. Pre-approval shows sellers you’re serious and helps you understand how much you can borrow, so you can focus on homes within your budget. Give Rampone-Marsh Mortgages a call and we can start to research what’s available for you.
2. Underestimating All the Costs
Many buyers focus only on the down payment. Remember to factor in closing costs, property taxes, strata fees, and insurance when you are budgeting for your monthly housing cost with a new home. Accurate budgeting ensures you don’t face surprises after you move in.
3. Ignoring Government Incentives
BC offers several programs to help buyers save or reduce costs, such as the First Home Savings Account (FHSA) and the BC Home Partnership. Even seasoned buyers can benefit from incentives, so staying informed is key. Mortgages are what we do all day long, so give us a call to learn more about what’s out there.
4. Choosing the Wrong Mortgage Type
Fixed vs. variable rates, amortization periods, and term lengths all impact your payments and long-term costs. Carefully consider your options and future plans before committing to a mortgage.
5. Skipping Professional Guidance
Trying to navigate the mortgage process alone can lead to confusion, missed opportunities, or costly mistakes. A knowledgeable mortgage broker, like Rampone-Marsh Mortgages, can guide you through pre-approvals, incentives, getting the best rate, and choosing the right mortgage for your needs.
6. Overlooking Long-Term Financial Planning
Many buyers focus solely on immediate costs and forget to consider long-term financial goals. Planning ahead for future renovations, saving for your children’s education, or unexpected expenses can affect the funds you have available to meet your home payments. A mortgage broker can help create a plan that balances your current needs with your future financial security.
Don’t risk costly errors — contact Rampone-Marsh Mortgages today and get expert guidance to secure your home with confidence. To book an appointment by sending us an email, click here.
