Our Process - Colman & Associates Mortage Consultants | Kamloops, B.C.

01 Get Started Early

A mortgage consultant can help you get the right documentation in place, this often includes: proof of income, down payment, employment verification letters, and tax documents. A consultant will also check your credit history to ensure you meet the lender specific requirements before committing to a purchase. If you are thinking about a home purchase, consulting a mortgage specialist is critical to navigating the mortgage process.

02 Know Your Price Range

If you want to buy a home within the next few months, getting a mortgage pre-approval will help determine the right price range for you. Affordability is critical when considering any long-term commitment. Many lenders will give a “rate-hold” – a guaranteed interest rate for up to 120 days when pre-approving potential borrowers for a mortgage. This means you don’t have to worry about interest rates rising while you look.

03 Take Your Time

Finding a home you love should be your most important consideration. Although there are short-term options, most mortgage contracts have 5 year terms. Be aware that the housing market fluctuates seasonally. We see prices and availability increase in spring and summer and decrease during fall and winter. Ask your broker if it’s a good time to buy!

04 Accelerate Payments

A mortgage is the largest debt that most consumers will ever take on. Paying it down faster can mean large savings on interest over the term. Get in the habit of making lump sum payments whenever possible, and consider making bi-weekly payments as a way to decrease the life of the loan. Make sure your mortgage product includes prepayment options you can access easily and without penalty.

05 Know Your Goals

Choose a mortgage that accommodates the present state of your finances but also fits your long-term goals. Is it important to you to be mortgage-free fast? Is it important that your mortgage is portable or assumable? Do you need access to a secured line-of-credit? The right mortgage can start you on a path to financial freedom.

Have Questions?

Our Mortgage Specialists Are Here to Help!

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We Proudly Support
the RIH Foundation

We're dedicated to making a positive impact in our community, and one way we express this commitment is through our proud support of the RIH Foundation. We believe in giving back, and to demonstrate our commitment, we contribute a donation from every mortgage we handle directly to the RIH Foundation.

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