As a first-time buyer in Vancouver, it's essential to ask your mortgage broker the right questions to navigate the complex world of home financing effectively. Start by inquiring about the best mortgage options available for your specific financial situation, including fixed versus variable rates and the implications of each. Understanding the terms, conditions, and potential penalties of various mortgage products is crucial. Ask about the minimum down payment required for your desired property and the impact of different down payment sizes on your monthly payments and overall interest costs. Inquire about the mortgage pre-approval process, its benefits, and how long the pre-approval is valid. Discuss the total costs involved in purchasing a home, including legal fees, appraisal fees, and any additional closing costs, to avoid unexpected expenses. Also, explore government incentives available for first-time homebuyers in Canada, such as the First-Time Home Buyer Incentive, and how they might benefit you. It’s important to understand how your credit score affects your mortgage options and what steps you can take to improve it if necessary. Finally, discuss the process and timeline for applying and closing a mortgage, so you have a clear understanding of what to expect. A knowledgeable mortgage broker, like Elvira Kurmisheva, can provide invaluable guidance, ensuring you make informed decisions as you step into Vancouver’s real estate market for the first time.