First-Time Home Buyers: Basic Steps and Frequently Asked Questions Answered
Posted by Annex Real Estate on
Buying your first home is a big milestone—exciting, a little nerve-wracking, and full of questions.
If you’re standing at the starting line wondering, “Where do I even begin?”—you’re not alone. Let’s walk through the basic steps you’ll take, plus answers to the questions that pop up most often for first-time buyers in BC.
Step 1: Figure Out What You Can Afford
Before you fall in love with a cute bungalow or a sleek condo, take a look at your finances. Most lenders suggest your monthly housing costs (including mortgage, taxes, and insurance) shouldn’t exceed 28-31% of your gross monthly income. Use an online mortgage calculator to play with numbers and see what fits your budget.
Step 2: Get Pre-Approved for a Mortgage
This step is like…
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