Steps To Calculating Your Home Buying Budget

So you’ve decided to purchase a home, congratulations! Before becoming a homeowner you must calculate your budget and keep in mind that it’s all about balance. Yes, you want to find the perfect home; however, you want to do so at an affordable cost.

97% of Canadians agree that cost in the most important consideration when choosing a home.

The Edmonton Home Pros team help future homeowners from day one, until the moment they move into their new home. Below are three simple steps to help you calculate your home buying budget:

Homebuying Budget 1. Find your options. Do you know the difference between variable-rate and a fixed-rate mortgage? Do you know what amortization period best suits you? Take the time to learn about your options, it will help you make a better informed decision. Payment flexibility is also important to keep in mind if you are looking to pre-pay.

2. Crunch some numbers. Search for your desired Edmonton home with confidence- knowing that each property you view is within your budget. Download an online mortgage calculator to compare different mortgage options and payment plans.

3. Get pre-approved. You can do this at your home bank at no cost or obligation, it also gives you the perfect opportunity to go in and talk to a mortgage specialist. By doing so, you will be prepared when you find the Edmonton home you want.

Looking to buy an Edmonton home? Contact Stephen Lau today for your complimentary home buyers consultation. Alternatively, you can also begin searching for Edmonton homes for sale.