Here's how mortgage approval works: the amount of money you qualify for, plus the amount of cash you can put down equals the
amount you can afford to spend on a home. Most lending institutions won't allow more than about 30% of your income to support a mortgage.
If you have other debts, they usually won't allow your debts and your mortgage to exceed 40% of your income.
Finalizing your
mortgage
Once you've found the home you want to buy, you'll need to finalize your financing. You'll need to provide your lender with the following documents:
Once you've found the home you want to buy, you'll need to finalize your financing. You'll need to provide your lender with the following documents:
Choosing a neighbourhood
You're not just buying a home - you're buying a location. And even the most perfect house won't feel right if you're in the wrong neighbourhood. Educate yourself about the area so you'll choose wisely - and end up being happy with your decision.
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Are you close to shopping and recreation? Being close to stores, parks, recreational facilities, a post office and dry cleaners will
save you time.
- Do people in the area take care of their homes? Explore the neighbourhood, keeping an eye out for signs of neglect
(overgrown lawns, houses in need of paint, trash and junked appliances littering yards). A run-down neighbourhood can drive down your
property value.
1. A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect's or builder's plans and details on lot size and location.
2. A copy of the offer to purchase or the building contract, if this document has been prepared.
3. Documents to confirm employment, income and source of pre-approval.
4. If you have a pre-approved mortgage, it's a simple matter of finalizing a few details with your mortgage specialist.
2. A copy of the offer to purchase or the building contract, if this document has been prepared.
3. Documents to confirm employment, income and source of pre-approval.
4. If you have a pre-approved mortgage, it's a simple matter of finalizing a few details with your mortgage specialist.
CENTURY 21 Trident Realty Ltd. 942 Cole Harbour Road Dartmouth, NS B2V 1E6
Cell (902) 497-4074
Email: slarge@ns.sympatico.ca