What do you think the first steps in purchasing your next home is? Asking a friend? Securing a rate? Or finding a realtor? The answer is: none of the above.
First-time home buyer? Second property? Buy and flip? Investment? Regardless of what your objective is, it’s important to do your research first.
What type of home you are looking to purchase? Whether it is a condo, town-home, semi-detached, bungalow, or single-detached, prices vary especially by location.
Take notes on the types of homes you are interested in and how long they stay on the market. It’s also important to note the change in asking prices. This can give you an indication of what is happening in the marketplace in different geographic locations.
Determine your affordability
Most lenders recommend home buyers to look at homes that do not exceed more than 5 to 6 times their annual household income.
Total debt to service ratio is also calculated, taking into consideration that applicants have a considerable amount of other debts outstanding.
Use our affordability calculator to see how much you can afford!
Before you start looking for your dream home, you will need to know how much you can qualify for or actually spend. Your family at Legion Financial Solutions will provide you the knowledge, offer expert advice. and give you the best rates for your mortgage. So what are you waiting for? Call us today!