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This pre-qualifying stage is also the time to find out about the differences between conventional mortgages and high-ratio insured mortgages. Ask about programs also available for first-time homebuyers, such as the 0% down payment (also known as 100% financing), and the federal government's RRSP Homebuyer's Plan, which lets you use funds from your RRSP to purchase a home.

A Kelowna Mortgage Centre Specialist will also go over closing costs with you, like land transfer taxes, legal fees and other disbursements. A good rule of thumb is to budget about 1.5% of the purchase price for closing costs. And don't forget: if you buy a new home from a builder, you'll pay 5% GST on the total purchase price.

Before you're pre-qualified, your Kelowna Mortgage Specialist will run a credit bureau report on you and ask for written confirmation of income and how much you plan to put down on your purchase.

Once you're pre-qualified, the interest rate is guaranteed for up to 120 days from the time of your application. If rates drop, you'll get the lower rate; if they rise, you're covered. And just because you pre-qualified by a certain financial institution, you're by no means committed to that lender. We'll shop the market to get you the best possible deal once you find your new home!

First Time Home Buyers Home Choosing a Realtor Finding and Purchasing the Right Home Making House Hunting Fun Affordability and Financing Selecting the Right Mortgage Applying For Your Mortgage - A Checklist Before You Sign the Offer On Closing Day Mortgage Life Insurance Prepayment Privileges