If you鈥檝e been watching the Okanagan Valley鈥檚 housing market for a while, you know the past few years haven鈥檛 been easy for buyers. First, it was skyrocketing prices, and now higher interest rates mean that people are qualifying for smaller mortgages than they could even six months ago.
It鈥檚 caused many people to pause their plans, whether they鈥檙e looking to upgrade to a bigger place, buy their first condo or refinance. But Senior Financial Advisor Tia Carlesimo says it may not make sense to wait.
鈥淵ou鈥檒l never find the perfect time to buy a home. We鈥檝e come off an extraordinarily low-rate period, but in the grand scheme of interest rates, they鈥檙e quite similar to rates we saw a decade ago.鈥�
The home you want doesn鈥檛 have to wait
The decision to buy a home involves more than just math. If your family is growing or you need a home office for your new flexible job, it may not make sense to wait for rates to fall. And even if the numbers on your mortgage application look tough, the right lender will understand that you鈥檙e more than just your salary.
鈥淚f your mortgage application requires out-of-the-box thinking, your lender should be ready to get creative. It鈥檚 a little more complicated to secure a loan for a mobile home on leased land or a home on First Nations reserve land, but we have the experience and flexibility to find a solution. Even if your mortgage is a few years away from renewal, talking with an advisor can help you understand if now is a good time to switch,鈥� she says.
Carlesimo notes that if you鈥檙e on the fence about making a move and simply want to do some exploration, getting a mortgage pre-approval is a great way to gain an understanding of what you can afford while also locking in your potential mortgage rate for 120 days鈥� helping curb any concerns of rates changing.
If you鈥檝e just started your own business or graduated from university, some financial institutions might not be willing to offer you a loan. But that doesn鈥檛 have to be the end of the conversation.
鈥淚f we have to decline an application, we鈥檒l continue working with that member to figure out how we can get them to a 鈥榶es.鈥� Let鈥檚 get a savings plan together, let鈥檚 build that credit score, and let鈥檚 get that down payment working for you by investing.鈥�
Taking a holistic approach to the home buying journey
鈥淪ome homeowners want to talk through every step, and others just want to drop off all the necessary information and let their advisor handle the rest. I always ask about their expectations, and I鈥檓 happy to support any way I can,鈥� Carlesimo says.
And while some lenders are hyper-focused on a single service, Valley First takes a more holistic approach.
鈥淭he home buying journey goes far beyond a mortgage 鈥� it鈥檚 about building a strong financial foundation for years to come. I want to dive into retirement savings, your child鈥檚 education and your other life plans. Whether you are buying your first home or taking the next step in your homeownership journey, an Advisor ensures your mortgage integrates with your full financial picture, helping you continue to work towards your family鈥檚 long-term financial goals鈥� she says.
鈥淲e鈥檒l look at every aspect of your unique situation to make the process seamless and stress-free.鈥�
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