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​karen@kamloopsmortgageexpert.ca

KAREN MCKENZIE

MORTGAGE BROKER

250-318-8891

  1. Interview a Mortgage Broker and obtain a Pre-Approval- you want this person to be competent, experienced and someone you think you will enjoy working with. During a Pre-Approval (typically 30-45 minutes and can be done over the phone) the Mortgage Broker will discuss the following with you:
    • Your budget - what monthly payment would you like to stick to when looking for a home and how does that translate into a purchase price.
    • Your income - how you are paid (full-time, part-time, seasonal, self-employed, commission based) will have a big influence on which mortgage product and lender we recommend and will also effect the purchase price you qualify for.
    • Your credit -  this will have a very large influence on the type of Lending we can arrange for you. We will thoroughly explain your credit report and if repairs are necessary we will help you put an action plan in place.
    • Your down payment - ​where is your down payment coming from? Savings, RRSP's, gift from an immediate family member, line of credit or credit card.
    • Closing costs - legal fees, home inspection fees, appraisal fees, title insurance, property tax adjustments all factor into how much money you will have left for your down payment. First time home buyers typically get an exemption from the property transfer tax in BC.
    • Interest rates, terms and amortizations - variable, fixed, home equity line of credit all have different pros and cons, we will discuss them all. We'll also discuss great interest savings tips. It doesn't always come down to interest rate it's how much interest you want to save!
  2.  Collection of paperwork - ​this is a very important step. In order to properly pre-approve you, I need to collect a payslip, Revenue Canada Notice of Assessments, job letters and down payment information, we will go into this in detail.
  3. Select a Realtor and go house hunting - selecting the right Realtor is another important step. Choosing the right Realtor is key and they can help you negotiate the best deals, determine your optimal selling or purchase price and provide you with all the necessary facts to make a confident, informed decision. I recommend Jessica Sutherland of Royal Lepage Westwin Realty.
  4. Find the right home and make an offer
  5. Offer accepted, finalize financing and meet the conditions of the mortgage commitment.
  6. Arrange home inspection (I work with Tracy Sparks, CHI of Detailed Home Inspections) and/or appraisal (not required when putting less than 20% down) arrange home insurance and mortgage or life insurance.
  7. Remove subjects and Congratulations!
  8. Choose a Lawyer, Lawyer gets mortgage instructions and Realtor info, you sign at the Lawyers office and provide the balance of the down payment and other closing costs.
  9. ​Moving Checklist, Book moving van, Wait until closing day
  10. Moving Day!! You move in!


What happens after Move in Day? Annual Mortgage check ups, Variable rate updates, Interest Saving tips, personalized service for any of your questions in a timely fashion.

10 Steps to your front door from Start to Furnish!