Have you asked yourself ‘How much can I afford to pay for a Home‘ Maybe it’s time to consult with your financial planner, mortgage broker or lender to establish exactly how much can you afford to pay for a home?
If you haven’t taken this step, you might want to stop everything until you do, otherwise you will be wasting your time and money searching for the wrong homes and maybe even the wrong areas.
Let face it, you can’t expect to buy a mansion in Weston when you earn a regular salary, and you would not want to buy a shack in a run-down neighborhood, if you earn a professional income.
If you don’t have a professional mortgage broker or good relationship with your bank or lender, then give us a call, we can recommend a few.
Based on your income, employment history and credit rating a lender will give you an amount that you can borrow to purchase a home, this is considered a home loan pre-qualification. At this time the lender has not yet reviewed all the financial information that is required to approve you for a mortgage, but has obtained information you provided and estimated an amount your might be able to borrow.
Knowing this amount and the amount you have saved up, will give you an good idea of How much you can afford to buy a home for. Now we should be able to go to the next step
