Determining
what you can afford
|
Purchasing a home involves both one-time costs and ongoing monthly expenses. The largest one-time cost is the downpayment which usually represents between 5% and 25% of the property's total price. A number of typical one-time expenses are addressed in the Guide to 1999 Closing Costs. Other costs may include landscaping, redecorating, furnishings, appliances, and repairs. Typical monthly costs of home ownership would include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities. |
|
The most certain way of determining your home-hunting price range ability is to discuss your particular situation with a mortgage expert. This resource will be able to take a look at your income, assets and liabilities, and give you and your RealtorŪ the price range of property that you can afford. Your mortgage expert will answer your questions and help you determine which financing terms and options are right for you. Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected aginst interest rate increases while you look for your new home. If you are a first-time buyer be sure to ask your mortgage expert about the Ontario Home Ownership Savings Plan (OHOSP). Your RealtorŪ will be able to suggest one or more local mortgage experts for your consideration. |
|
Marion | Aurora | Re/Max | Properties |