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Preparing for homeownership. What should home buyers be doing to prepare themselves for purchasing a home? (#007)


Do you plan to buy a home on the Semiahmoo Peninsula? Are you aware of monthly costs associated with homeownership? If you haven’t sat down to prepare a budget as part of preparing for homeownership then you could be risking money you don’t have to spend.

Homeownership is more than giving your family roots. Many use homeownership as a type of long-term investment. Using a budget allows them to save money while paying down a mortgage. Does this describe your homeownership plans?
If you’re interested in learning more about things like the monthly costs of homeownership then you’ll want to invest 20 minutes to listen to this edition of The Mortgage Newscast where your host Erik Reynolds interviews Jared Dreyer, accredited mortgage professional and President of Dreyer Group Mortgages about what you should do when preparing for homeownership on the Greater Vancouver area.
Areas like White Rock are a great place to buy a home. The Vancouver Sun* reports that in in 2012 the City of Surrey landed in the top five investment cities in the nation by Business Review Canada, and the best place to invest in real estate in Western Canada by Western Investor Magazine. This interview is an opportunity to learn how to take advantage of homeownership in this area.

How to Know If You’re Ready for Homeownership

The episode begins with Jared explaining the process for potential borrowers to determine if they’re ready for homeownership, including taking into account their expenses in addition to a mortgage payment.
The first step to buying a home is preparing a realistic budget. Jared explains what potential home buyers should include, as well as how to prepare a budget specifically for homeownership.
If you’re looking for a home without having a budget, then you’re setting yourself up to lose time and money. 

Who Can Help You Prepare a Budget

Next Jared segues into detailing the budgeting resources available for potential home buyers, especially ones preparing for homeownership in areas like Surrey and White Rock. He goes on to answer these questions:
  • What resources can best help me to prepare my budget?
  • How can a budget tell me if my family is ready to buy a home?
  • What costs do I need to consider when preparing my budget?
Now ask yourself two questions. Do you have a budget in place as part of preparing for homeownership? Do you know the monthly costs associated with buying a home? If you answered no to either or both, then it’s time rethink your budget for homeownership.

What Costs to Consider When Preparing Your Budget

 Jared then goes on to discuss other costs borrowers need to consider when preparing for homeownership. He details how paying a mortgage is different than paying rent, and lists specific items to include in the budget.
A budget is a big part of preparing for homeownership. Banks, lenders, and similar organizations provide tools to help determine if you’re ready to buy a home. What prevents you from using them?
Then Jared wraps up the episode with some final thoughts about the single most important thing buyers should do before beginning the mortgage process.

What Steps Are You Taking for Homeownership?

 Have you taken a good look at your budget as part of preparing for homeownership? Are you ready to sit down and prepare your budget to begin the home buying process? Listen now to the entire episode and then if you have questions about the topic or comments about how you’re preparing for homeownership, we’d love to discuss them with you.
After you finish listening to this informative podcast, please contact Dreyer Group Mortgage Brokers at 1.800.687.9020 or apply with us using our 30 Second Application. We look forward to hearing from you!
30 Second Mortgage Application:
Dreyer Group Mortgage Brokers
#308 – 15252 32nd Avenue
Surrey, BC
V3S 0R7
Phone #: (604) 536-3802
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Twitter: @JaredDreyer