Vancouver's current market is still a strong buyers market with a slight trend towards slight balance as there are fewer listings compared to April earlier this year. That being said I always encourage first-time buyers to get pre-approved mortgage before starting to look for their dream home. So you are ready to move on the purchase of your dream home, and in a buyers market, often the best homes on the market get snapped up quickly, so you need to be prepared. Remember, timing is everything!  Interest rates will eventually start to trend upwards, are you aware that you could be protected against further interest rate increases? More on that later in this blog: many homebuyers think that the first step in finding the home of thier dreams is to start going to open house's and researching the market, many even watching HGTV's real estate shows. Before you start looking for a home, it makes sense to contact a mortgage specialist for free advice and to arrange your mortgage pre-approval. I work closely with a few highly skilled mortgage professionals, one of which will suit your needs, some people prefer using the banks, personally my team will get you a better rate every time. When your mortgage is pre-approved, you'll know up front, what you can realistically afford to pay for a home in terms of purchase price, down payment, legal fees and other closing expences. You'll know exactly how much you can borrow based on your current financial situation. Armed with this information, you can shop and negotiate with confidence, avoiding the disappointment of finding your dream home only to learn that you don't qualify for the mortgage that you need to purchase it, or being beaten out by a qualified buyer who is quicker with a firm offer. The bottom line is, if interest rates increase, I think they must, the amount of mortgage you qualify for decreases. A pre-approved mortgage provides you with protection from short-term interest rate fluctuations that keeps you qualified for the amount you need. Most financial institutions offer 120-day interest rate guarantees that give you one less thing to worry about as you begin house-hunting. Longer rate guarantees are also available. When interest rates go up during that time, you automatically receive the guaranteed rate. If rates go down, you pay the lower rate. Either way, it's a win-win situation. Also, if you are looking at a brand new home, most home-builders have a program with a financial institution that can provide long-term rate guarantees until the completion ogf your new home. Good info eh? Peace