Opinion: The numbers behind your first mortgage in B.C. (opens original article in a new tab)

The article explains the benefits of mortgage pre-approval for first-time homebuyers in B.C., highlighting how it simplifies the process, provides budget clarity, and offers rate locks. It also details new mortgage options for first-time buyers with smaller down payments.

• Pre-approval helps first-time buyers understand their budget and market position.
• Mortgage rates can be locked for up to 130 days with pre-approval.
• Thirty-year amortizations are now available for first-time buyers with less than 20% down on new homes.
• Buyers should prepare pay stubs, down payment sources, and monthly payment preferences for mortgage consultations.
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