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Are you searching for your dream home? Are you buying your first home or maybe downsizing? Buying or selling a property, regardless if you are a first time home buyer or have lived in your home for many years, can be stressful.
First time buyers - How much can you afford? A pre-approval for your mortgage amount will tell you the monthy payment that you can afford to re-pay.
- How much do you have for your downpayment? A minimum 5% downpayment is required; however, with a larger downpayment, you will either reduce the amount of monthly mortgage repayment or be able to afford the home you desire.
- Are you aware that you will require additional money for closing costs i.e. lawyer fees, property transfer tax, inspection, appraisal etc
Current home owners - regardless of whether you are buying a larger home or downsizing your existing home, you have lots to think about.
- How much is my home worth in today's market? Have a Comparative market Evlauation done to establish a current market value.
- Do I have enough equity in my current home to buy a bigger home? Have a chat with your lender to find out if your existing mortgage is transferrable, assumable or how much would a penalty cost you if you paid off your existing mortgage. Has your home been used as collateral for a LOC or other loans/
- Do I qualify for a larger mortgage amount? Talk to your current financial institution or a mortgage broker to have you pre-approved.
Buying or selling is time consuming and detailed, talk to licensed professional to assist you in all your real estate needs.
A property search will define the home you want, in the area you have chosen to live in, determined by your affordability factors. Let the search begin!