BUY - LLC

Getting a Mortgage Pre-Approval

Remember that before you make plans to purchase a home, you need to have a general idea of what you can afford. The size of your down payment, your household income, monthly expenses and expenses associated with owning a home, all affect your affordability.

The loan pre-approval process can help you find out valuable information, including:

The maximum mortgage amount you can afford
What your monthly mortgage payment would be
The current mortgage rates available on the market

If you’re purchasing a condo, you will also be responsible for maintenance fees. These monthly fees go towards building amenities, maintenance and the reserve fund

Carrying Costs for a Property

Beyond the regular mortgage payments for your home, there are also on-going expenses associated with home ownership and maintaining your property. On-going costs to keep in mind include:

Home Insurance: If you have a mortgage, the lender will likely require you to have home insurance coverage to protect your property.
Utility Bills: Bills expect to pay as a home owner include hydro and heating.
Property Tax: Municipalities across each province will determine their individual property tax rates each year. The rate often falls between the 0.5-2.5% range, which is then multiplied by the assessed value of your property and is payable annually.

Low Mortgage Rate when you buy your home with us