Posted in Congratulations on being posted to CFB Trenton. Compared to other Air Force markets in Canada, the Quinte region offers extremely reasonable housing prices and a high quality of life (the only lower priced market is around the base in Greenwood NS). Given the record low interest rates currently available, you may find that owning a home could end up being cheaper than renting a PMQ.
After meeting with your IRP, there are a few things you should really take care of prior to scheduling a house hunting trip:
1) Talk to a mortgage broker (that's me). I will help you establish a budget that is in line with your personal financial situation and the realities of the local housing market. I will not only have your mortgage preapproved at a great rate, but make sure you are introduced to lenders who have flexible prepayment and portability policies that are in line with the realities of a military lifestyle (which your current bank may not).
2) Find an honest realtor. Most real estate agents I have met clearly have the best interests of their clients at heart, but some unfortunately do not. Be sure to ask lots of questions about good/bad areas and the resale potential of any home you look at. Given the fact you may never have visited the area, it is easy to make poor decisions when under the extreme time pressure you are on a house hunting trip. I would be happy to make a few suggestions if you are confused by the myriad of choices between the different websites.
3) Put other major expenditures on hold (if possible) until after you have moved in to your new home. Your mortgage preapproval/approval will be based on your financial situation at a particular moment in time. If you were to borrow additional funds to purchase a vehicle for example, it may impact your ability to qualify for a mortgage.
4) If your spouse/partner has a job with income that is being used to help qualify for the mortgage, arrange your finances prior to leaving/resigning from that position. Even you are employed in a field where finding a new job will be extremely easy, you may not qualify for the price range you are interested in if you quit too early.
As a mortgage broker, I am here to help make the house hunting experience a little bit easier. Even if you are already preapproved, if you want to run some numbers on a particular property prior to making an offer, I am always available by email or phone to help give you a certain comfort level prior to taking the plunge and making an offer (evenings and weekends as well).
