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Own Your Home

​The decision to buy a home is probably the biggest financial decision you will make in your lifetime. At Summerland Credit Union we know that buying a home isn't just about money as there are many personal factors to weigh before making the decision that's right for you.

​The differences between renting and owning are enormous, but the question of which is better for you is a huge personal and financial decision. Summerland Credit Union is here to provide you with the options you need should you decide to buy your own home so let us help you out with some friendly advice.

If you’re thinking about purchasing a home, this can be both an exciting and nerve-wracking time! Buying a home is one of largest and most important financial decisions people make in their lifetime; and It’s enough to make even the most confident consumers feel stressed.

So, where you are planning your first home purchase, taking on a fixer-upper or looking to downsize, we can provide a few insights to help you feel more confident in your decisions.

Buying Y​our Home

Now that you've decided to buy a home, it's time to consider the many financial and personal decisions to be made before making a formal offer.

The important thing is that you make the decision that's right for you. The property you eventually buy is more than just an investment - it's going to be your home, your own piece of the neighbourhood. So don't rush into it.

Take the time to investigate all the options. We don't want you to settle for something that's merely 'good enough.' Let us help you with the many difficult decisions ahead so that when you sign your name to an offer it's with the confidence that you've made the best choice possible.

But how do you know which type of mortgage is right for you?

Financial Considerations When Taking out a Mortgage

By looking at your current financial situation, you can determine the price range of homes available to you. You may want to consider applying for a pre-approved mortgage. Pre-approval will not only define the price range of homes you can look at, but will also give you an advantage over competing purchasers when you make offers, since it shows you are taking things seriously enough to have looked into financing.

Which kind of mortgage is right for you?  Whether to take a fixed rate or variable rate mortgage may depend on the stability of your income and your comfort level if interest rates start to rise.  You also need to bear in mind that if you have a down payment of less than 25% of the purchase price of the home, you will require a high-ratio mortgage.  These mortgages have to be approved by Canada Mortgage and Housing Corporation (CMHC) and mortgage insurance is required. 

While it’s important to consider the property value and resale value when looking for a home, don’t discount the true value of the meaning of the word “home.”

​“The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.”​

​Maya Angelou

Personal Considerations

When looking at potential homes, take the time to consider all of the factors that are important to you. It may be a good idea to make a list of 'must haves' as well as a list of things that would be nice if they were available. Obviously you'll need to consider the physical layout and soundness of the structure and the property itself, but also consider things like the location and the neighbourhood. Make sure to investigate whether municipal or regional authorities are planning changes to civic code, zoning or by-laws that may affect the value or nature of the property in the future. 

You may find it helpful at this stage to have a real estate agent keep you informed about these and other factors that might influence your decision. In any case, remember to take your time when buying a home. It's better to wait a little longer for the home you want, rather than end up with a mortgage for a home you aren't truly happy with. 

Becoming a homeowner is exciting, but can be a little intimidating when you're unfamiliar with the process. Learn all about the ins and outs of mortgages so you know what to expect.