Knowing your affordable price range will bring your Calgary house hunting into focus and help you stay on track. How much house you can afford depends on two things: how much you can afford for the monthly mortgage payment, and how much you can invest in the down payment. Monthly payments include the principal and interest on the mortgage loan and property taxes and home insurance. These four costs are often abbreviated PITI.
The key items are the size of the down payment, the amount of the mortgage and the term – or length – of the loan. To calculate how much you can afford please check out and contact one of our Mortgage Specialists. They will be happy to get you pre-approve!
Having a pre-approved mortgage gives you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home. Not to mention, if the home of your dreams comes up on the market, and you aren't prepared to make an offer you may lose a property to another buyer who is ready to make an offer.
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