Tips for Saving Thousands of $$ when Buying & Financing Your Next Home
1. Ensure you get the lowest mortgage rates by using a Mortgage Broker. (Potential savings of a 11⁄2% rate advantage can save you over $12,000 on a 5-Year term $250,000 mortgage.)
2. Inquire with your Lender to waive fees for mortgage application and appraisal (approximately about $500).
3. Save thousands by choosing weekly mortgage payments instead of monthly.
4. Ask the Seller to provide a copy of the survey certificate, and save about $375. (Detached homes)
5. Ensure your mortgage has pre-payment and double-up privileges.
6. Ensure your mortgage is portable and can be applied to your new home to save on penalty costs if you have to cancel the existing mortgage.
7. Arrange a home inspection by a qualified Home Inspector to ensure no costly surprises later, and based on the inspector’s report.
8. Ensure Closing and Possession dates are close together, so you are not paying for a home you can’t live in (and avoid hotel costs).
9. Ensure oil tanks have been properly decommissioned and removed at the Seller’s expense. BC Fire Code regulations possible savings up to $10,000. (Detached homes)