Planning to buy or refinance your home? Start early to ensure your credit score and financials are in order, to give yourself the most flexibility in your financing options, says Vernon’s Dawn Stephanishin, with Invis, the Mortgage Brokers.

Planning starts early for successful home financing: 6 questions to ask

Prepare today for financing – or refinancing – tomorrow

Whether you’re eyeing first home purchase or making the move to your next home, successful financial planning starts early.

This will give you the most flexibility in your financing options and set you in good stead for one of life’s most significant milestones, says Vernon’s Dawn Stephanishin, with Invis, the Mortgage Brokers.

  1. What size payments do you want? First, when looking for your new home, be sure to decide on the monthly payments that you’re comfortable with. “As a mortgage broker, I always ask about your lifestyle and what your plans are for the future as this will affect the size of mortgage you want to take on,” Stephanishin explains.

    What payment do you expect to make? Recognizing the long-term commitment, many buyers don’t want to feel strapped by buying a home – they want to also have the financial ability to enjoy vacations and hobbies, not to mention those unexpected expenses that can come from owning a home.”

  2. What downpayment will you have? As you start the pre-approval process, determine what funds you’ll have for your downpayment. Keep these funds in one account if possible, as you’ll need to provide a history of the account’s activity for three months to prove the funds are from your own resources, Stephanishin advises.
  3. Is your credit history in good shape? Make sure all your bill payments are made on time. The better your credit score, the better financing options and terms you’ll have. “It’s essential to protect your earned credit history and to not allow multiple inquiries.” As you prepare for this milestone move, include an emergency fund as part of your planning, as buying a new home can have unexpected costs for repairs and maintenance.
  4. Do you have other major purchases planned? Avoid any large purchases prior to purchase, instead trying to be more frugal and save as much as you can in the months leading up to the move. “A new vehicle payment will likely cancel your pre-approved mortgage very quickly, so always ask before you buy any large items,” Stephanishin says.
  5. Do you have any career changes planned? Finally, avoid changing jobs during the pre-approval and home-buying process – probationary employment periods and income changes will negatively affect your application.

READ MORE: Don’t get surprised by those unexpected home purchase costs


Dawn Stephanishin is an award-winning mortgage broker working in the Vernon area to help you realize your real estate goals. Learn more at

Just Posted

Spall golfers sizzle

Countback needed to determine low gross winner in first flight

Vernon Vipers add experience to roster

Western League veteran joins Snakes, who also sign player out of prep hockey

Therapeutic art for sale at Vernon show

17th annual Awakening the Spirit Art Show and Sale presented by Vernon Canadian Mental Health Assoc.

QUIZ: Do you know the truth?

In what has been described as a post-truth era, how much do you know about truth and lies?

Tech mogul looks to grow Vernon’s presence in Okanagan wine industry

The founder of online dating site Plenty of Fish is developing 900 acres in the city hillsides

53 new COVID-19 cases, no new deaths cap off week of high infection rates in B.C.

Roughly 1,500 people are self-isolating because they either have COVID-19 or have been exposed to it

Mitchell’s Musings: Hockey’s comeback begins in earnest in August

Sports is back. Well, at least sports in a bubble is back.… Continue reading

Local state of emergency declared near Okanagan home

Slope failure cited as City of Penticton issues notice at home in 600 block of Heather Road

Simon Cowell breaks his back falling from electric bike

Incident happened at his home in California

VIDEO: Internet famous Yukon-based bhangra dancer explores Vancouver Island

Gurdeep Pandher spreads joy through dance, forms cross-cultural connections amid pandemic

Fentanyl-laced powder being sold as cocaine in Kamloops

Interior Health has released a warning about very strong fentanyl in Kamloops

Unofficial holidays: the weird and wonderful things people celebrate around the world

On any given day of the year, there are several strange, silly or serious holidays to observe

Video: Enraged man terrifies staff and customers at Shuswap restaurant

Video on Facebook shows the man hurling profanity at workers during the dinner rush on Aug. 7.

Moving on: Tanev scores 11 seconds into OT as Canucks oust Wild

Vancouver beats Minnesota 5-4 to move into first round of NHL playoffs

Most Read