The budget is the first brick to lay for a solid foundation leading to the purchase of your first home. This will allow you to establish the limits of your project and determine your financial capability and will also allow you to plan your purchase with peace of mind and minimal stress.
Evaluating my current finances
Once your budget is established, you will be able to evaluate the value of the home you can afford by creating scenarios based on various aspects, including:
- the amortization period (number of years in which you wish to repay your mortgage)
- the mortgage amount
- the interest rate
- your payment amount
Learn how to save money and pay off your home in less than 20 years.
What home can I afford
Once you finish your calculations, your advisor can sit down with you, analyze the results and even grant you a preauthorized mortgage loan— an evaluation that determines the maximum financing amount you’re eligible for according to your financial situation. This will facilitate your negotiations with the seller or real estate broker, guarantee the rate for 90 days and speed up the transaction to get you into your home as soon as possible. Make an appointment today for a preauthorized mortgage.