When you’re looking for a new home in Vancouver, one of the most important things you should consider is whether you need a mortgage.
A quick look at your credit score and lender might suggest you don’t.
But if you’re a renter or mortgage holder, and you’ve been paying down a mortgage, it might be worth looking into it.
You might also want to look into the rental market in your area, because a property with a mortgage might be more attractive to investors.
You might need a home insurance policy to protect your propertyYou might want to check out a mortgage calculator online to get an idea of how much money you might need to pay off your mortgage, before you apply.
Here’s how to get started:Find out whether you have a mortgageIf you have one, and haven’t yet paid it off, you might want the loan to be deferred.
This means you’re required to pay it off gradually over a period of years.
If you’re on a home loan, you can apply for a deferment if you’ve made no more than a year’s worth of repayments and don’t need the loan for the remainder of the term.
For example, if you make a total of $150,000, you would be eligible to defer the loan.
However, if the loan is $150 million, you’re not eligible to do so, as you’ve not yet paid off the loan and you don