It’s important to start out by knowing what mortgage you can comfortably afford. You should meet with a lender or mortgage broker to establish how much of a mortgage you can actually qualify for. Going through the mortgage pre-qualification process before you begin your home search will bring your house hunting into focus and give you a better idea of the homes that fit into your price range.
Not only that, mortgage rates vary considerably and it is obviously to your short- and long-term advantage that you shop around for the best rate, terms and options.
You don’t want to sacrifice lifestyle for a house. Determine how much of a home (mortgage) you can afford by considering the following and doing your homework. You won’t regret it!
- Your annual household income
- Your down-payment (you should have 5% of the purchase price of the home for the down payment, but ideally even more)
- Your debt-load
- Your interest rate
- Your monthly mortgage payment
- Your amortization period (length of time required to pay off the loan)
- Your closing costs
- Your property taxes
- Your homeowner’s insurance
- Your home maintenance costs
Considering affordability will not only help you determine the maximum mortgage you can afford, it will give you an idea of what monthly mortgage payment to expect. If you’d like to discuss mortgage affordability call 403-606-1765 to arrange an appointment.
Now’s the time to check your windows for drafts and leaks. Improperly maintained windows can be a big burden on your heating bill. Taking care of them not only helps reduce energy costs, but will keep you and your family warm and comfortable through the winter months ahead.