Jennifer Woodley, Mortgage Broker
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First-Time Home Buyers' Guide

Everything you need to know to get started.
Request a Meeting

The first step is to ASK

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If you're like most first-time home buyers, you probably don't even realize how qualified you are! The majority of first-time home buyers are surprised to hear how affordable mortgage payments can be (in comparison to their rent) and how much they can qualify for. Without inquiring, you will never know.

5% is all you need

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Many people are surprised to hear that 5% is the minimum down payment amount required to purchase a home, in most cases. If you will be living in the home, if you have good credit, if you earn a good income, and if you will be purchasing a home under $500,000, 5% is all you need!
As of February 15, 2016, if you purchase a home over $500,000, the minimum down payment is 5% on the first $500,000 and 10% on the remaining purchase price.


Click here for more information about your down payment

A Few Key Documents

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In many cases, lenders only need to see a few key documents:
  1. A Letter of Employment from your employer & a Recent Paystub
  2. Notice of Assessments from the past 2 years
  3. A 90-day history of your savings/investments (for your down payment)
For some applications, lenders may also ask for your tax returns, a gift letter, and/or an appraisal. If you are self-employed, they may ask to see a copy of your business license and financial statements.

Closing Costs can be affordable for First-Time Home Buyers

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Many people think that Closing Costs (the money that you have to pay to a lawyer/notary public to complete a home purchase) are expensive.
However, in British Columbia, First-Time Home Buyers may qualify for a Property Transfer Tax exemption if the property that is being purchased is under $500,000.00. There is also a partial exemption for purchases between $500,000 to $525,000.00. Without property transfer tax to pay at closing, closing costs  can be quite minimal. I have seen many transactions where my clients' closing costs have been between $2000 to $4000.

Click here for more information about the BC Government's First Time Home Buyers' Program

It's never too early to inquire

Even if you are years away from being ready to buy your first home, I always encourage first-time home buyers to contact me for an initial consultation. Meeting with me in advance to discuss your goals will help you understand what will be required for the future. Without knowledge of the process and what will be needed, it is nearly impossible to strive towards achieving your goal of home ownership.

I specialize in helping First-time Home Buyers understand every step of the mortgage financing process without stress. I am happy to answer any questions that you may have, in a way that you will understand.

Contact me today to arrange a First-Time Home Buyer's meeting so that I can teach you everything you need to know about buying your first home.

Contact Me

Home

First-Time Home Buyers

First-Time Home Buyers' Guide
Buying a Home - in 7 Easy Steps
Your Down Payment
Mortgage Default Insurance

Home Owners

Free Annual Mortgage Review
Mortgage Renewal
Refinancing
Using your Equity
What is Home Equity?
Equity Lending (Private Financing)

Contact

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Add Testimonial
Request a Call
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About Me
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Jennifer Woodley | Dominion Lending Centres Valley Financial Specialists | 604.626.3278 | info@jenwoodley.com
Photos used under Creative Commons from nikcname, woodleywonderworks, Flawka, 401K
  • HOME
  • TESTIMONIALS
    • Add Testimonial
  • FIRST-TIME HOME BUYERS
    • First-Time Home Buyers' Guide
    • Buying a Home - in 7 Easy Steps
    • Your Down Payment
    • Mortgage Default Insurance
  • HOME OWNERS
    • Free Annual Mortgage Review
    • Mortgage Renewal
    • Refinancing
    • Using your Equity
  • Equity Lending
    • How does Equity Lending Work?
    • In-House Equity Lending
    • What is Home Equity?
    • Equity Lending for Seniors
  • APPLY ONLINE
  • CONTACT
    • About Me
    • Request a Call
    • Privacy
  • Blog