Determining the mortgage you can carry is based on a relatively simple calculation of loan amount, down payment, interest rate and amortization period.
A good rule of thumb when figuring your monthly housing cost is that it should not exceed 32% of your gross monthly family income or 40% of your gross monthly income
Q: What are the steps to buying a home?
Step 1: Obtain a mortgage pre-approval. This allows you to determine what price range you should be focusing on as well as having peace of mind when writing an offer
Step 2:Take some time to decide what you want in a home and where you wish to live. This can be fun and is one of the most important steps involved in the process
Step 3: Find the right home! It is very common for Buyers to have a real gut sense when they find the right home. We will look until we find it but it can also happen very quickly
Step 4: Make your offer to purchase and negotiate acceptable terms and conditions. This can be one of the more stressful aspects of the process and when emotions need to be kept in check
Step 5: Condition removal process: This is when we have the inspection; obtain confirmation of financing etc and typically takes from 7 to 10 days. After completing our due diligence it is time to remove subjects. This is when the deposit of traditionally 5% is put in trust toward your purchase
Step 6: The conveyance process begins. Our office will forward your file to the lawyer / notary of your choice in anticipation of the final Completion of the sale. You will be contacted by your lawyer about a week before completion to schedule a time for final signatures
Step 7: Prepare to move!!!