How much can you afford?
Have you started browsing properties online? Gone to open houses in your neighbourhood? Fallen in love with the perfect house?
Have you done this without financing pre-approval?
PLEASE STOP IMMEDIATELY!!
The first step in house hunting is getting financing pre-approval. This is true in every situation with the only exception being an all cash buyer. This is rare so the purchase of a home usually means obtaining a mortgage loan. Taking care of this before you begin hunting will make the entire process of buying a home less stressful, more expedient and ultimately more enjoyable. House hunting doesn't have to be a slog...but hunting for houses before you know how much you can afford could be setting yourself up for a major let down. Don't do it!! Be empowered in the process through following the SMART HOME BUYER'S STRATEGY.
Step 1: Get pre-approved
You will find a useful mortgage calculator below that will give you estimated monthly payments that you may expect given your particular financing situation.
This is a general overview and does not take into consideration all of the specifics of your individual circumstances. For the most up to date information, and to feel confident in what you can afford, you should visit your local mortgage specialist.
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