How much can you afford?

Have you asked yourself, your financial planner, mortgage broker or lender home much can you afford to buy a home for?

If you haven't; this is one of the first step you should be taking! Otherwise you will be wasting your time and money searching for the wrong homes and maybe even the wong 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 me a call, I 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 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 your provide 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 got to the next step; what to buy?

Why are you buying a Home?
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Below are some recent Real Estate articles on Buying Real Estate