Mortgage Terminology You Should be Familiar With
Wondering what “amortization” is? Not sure what “equity” means? Making sense of home financing terminology can be difficult.
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Mortgage
Overview of the Home Buying Process
You’ve found your dream home and are pre-approved for a mortgage with a good rate and flexible terms – all done, right? Not quite. There are several steps left to secure and protect both your mortgage and your property.
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Figuring out Which Home is Right for You
Your home will likely be the biggest purchase you ever make, and with so much at stake, it is crucial to have knowledgeable professionals advising you along the way. A mortgage broker and a REALTOR can guide you through the successful search and purchase of a home.Â
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Mortgage Preapproval
Shopping for a new home can often be a confusing process for homebuyers, especially when you are unsure of what you can afford. Obtaining a pre-approval is one of the easiest ways to eliminate confusion. It lets you know exactly how much you can afford and allows you to shop with confidence.
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Home Buying Costs You Need to Know About
It’s easy to get caught up in the excitement of purchasing your own home. Keep in mind that there are costs related to most home purchases that are not often thought about, and that these costs might alter your maximum affordable price. So it’s good to keep them in mind when you are working out your budget.
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What Can You Afford?
The best way to avoid paying more than you can afford is to be prepared. Before you begin to look at homes, meet with your mortgage broker. They can calculate your “debt service ratio” which will determine how much you can actually afford based on your income and the amount of debt you have.Â
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Should You Rent or Buy?
Often people say “DonÂ’t pay your landlordÂ’s mortgage for him” or “Build equity for yourself instead of throwing your money out the window.” Buying a home is one of the biggest investments you will make, so itÂ’s important to make a decision that is right for you, whether that is to rent or to buy!
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