Brampton Real Estate Blog

Call toll free 1-800-631-5216 or email me with your WISH LIST and I'll send you a list of homes currently for sale in your neighbourhood.

Tuesday, May 17, 2011


When house–hunting, some factors, like the features of the home, can be adjusted once you've made your purchase, while other factors, like the location, cannot be. Finding the right home is about getting the right balance and at a price you can afford. Of all the factors that go into choosing a home, according to the recent TD Canada Trust Home Buyers Report, 97% of Canadians agree that cost is the most important consideration.
“Canadians realize that in order to truly be comfortable in their home, they need to comfortably be able to afford it,” says Farhaneh Haque, regional manager, mobile mortgage specialist, TD Canada Trust.
Haque offers her advice on how to calculate a home buying budget:
Learn about your options: When house–hunting, you look for places that suit your needs and lifestyle. Do the same when deciding on your mortgage. Know the differences between fixed and variable interest rate mortgages and decide what amortization period best suits your situation. Payment flexibility is also important when deciding on a mortgage, to know what you can prepay, as well as options to pay less at a later date if something unexpected comes up.
Calculate your mortgage numbers: Run the numbers and settle on a price range you can afford. TD Canada Trust offers a convenient online mortgage calculator, which factors in your income and the size of your down payment and compares different mortgage options and payment plans. Understanding what you can afford lets you narrow your search and shop with confidence, knowing that the houses you view fit within your budget.
Get pre–approved: The home–buying process can happen very quickly, so be prepared when you find a home you want. Getting pre–approved for a mortgage puts you in a good position to make an offer when you find the right home. There's usually no cost or obligation, and it's a good opportunity to come in and talk to a mortgage expert to clarify any questions.
I welcome your questions or comments regarding this or any other posts contained in this blog.  If you or someone you know is thinking about buying or selling, call me for information about your desired neighbourhood or a FREE market evaluation of your property.
Look forward to hearing from you.

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