Buying a property requires several months of early preparation, and one of the first steps in this process is to take a careful look at your budget for real estate acquisition.
Via Capitale du Mont-Royal focused on this issue and prepared a quick overview of questions to ask yourself when setting your budget.
Can I afford to become a homeowner?
That’s a common question among tenants at this early stage! There’s something appealing about becoming a homeowner, but don’t forget that homeownership also comes with its share of responsibilities!
The Multi-Prêts Mortgage Calculator is a great tool to help you with the process! Simply enter the amount you currently pay for rent and it will generate an estimated mortgage sum within your budget.
What’s my net value?
Your banker will surely ask you this very question when you first meet. Simply put, the net value is the difference between your debts (passive) and your assets (active). The Mortgage Qualifier Tool from the FCAC helps you determine your eligibility and gives you an idea of the maximum amount you may borrow.
Do I need to make prepayments on my mortgage?
There are several ways to continue saving money after your mortgage is approved by the bank! One method is to make prepayments. We suggest discussing this option with your banker, to see how much time and money you can save on your mortgage.
For more information
The following articles on the Via Capitale blog will also be a valuable help for planning your real estate purchase with ease. Happy reading!
L’ACHAT D’UNE PREMIÈRE MAISON EN 9 ÉTAPES (in French)
http://www.viacapitalevendu.com/blogue/lachat-dune-premiere-maison-en-9-etapes/
DES DOLLARS POUR VOTRE PREMIÈRE MAISON (in French)
http://www.viacapitalevendu.com/blogue/des-dollars-pour-votre-premiere-maison/
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