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you can afford
to pay for a home. Your affordability is based upon your monthly
income vs. your monthly carrying costs, not necessarily the price
of the home.
The question is 'what can you afford?' not just 'what will the
bank lend you?' In today's market we are witnessing many lenders
offering more money than some homebuyers are comfortable borrowing.
Your bank or
mortgage broker will determine the size of the loan you are eligible for
and then give you a pre-approved guarantee on the loan. Be sure
to get a guarantee on the interest rate! Most lenders will guarantee
their rate for up to 120 days.
Most pre-approved mortgages have some conditions. For example,
providing letters of employment, ensuring that your credit is
good, proving that you do indeed have the down payment and are
not borrowing it etc.
Choosing
a Neighbourhood
Once you know what you can afford to spend on a house, the next
step is to determine where you would like to live. Consider things
like:
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