If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.
If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.
Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.
If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.
It is very important for a seller to consider a buyer who buying a home to be affordable and that that buyer is quite sure about his purchase.
With your finances already evaluated during pre-approval, you can take immediate action when you find the home you want to purchase.
If you are up against other prospective home buyers who have not been pre-qualified for a loan, then your pre-approval may just what you need to gain the upper hand.
Securing a pre-approval mortgage is one of the most critical steps when purchasing a home. While it might seem like an extra task to add
It is smooth and stress-free. In Canada, mortgage pre-approval allows homebuyers to determine how much they can afford to borrow, which in turn helps narrow
Purchasing a home is indeed one of the most thrilling events in life. It tends to be just as stressful, though. It is easy to
