Before you start looking for a new home, it is important that you become aware of how much you can afford to pay. This will allow you to spend your valuable time looking productively at homes which are within your predetermined price range. You can calculate a relatively accurate figure for yourself if you assemble the following information:
In order to mitigate stress and confusion when it comes time to obtain a mortgage, it is usually recommended to talk to a reputable mortgage broker. Mortgage brokers deal with many different lenders and often are able to recommend the financial institution that appears to be best for you.
Whether you go directly through your own bank or to a financial institution recommended by your mortgage broker, you will need to understand how mortgages work. If you are not familiar with the process, make sure your mortgage broker or your bank explains all the steps involved in obtaining a mortgage.
If you just want to get a general idea of mortgage costs, the use of a mortgage calculator published by the Canadian Real Estate Association is a great help.
