It's Adam Stewart here with Chestnut Park West in Guelph, Wellington County, and the Kitchener-Waterloo Region.
I've been spending a lot of time recently, with first-time home buyers getting ready to make an offer on their first property. Always an exciting experience. As an advisor, I ask my clients to check to see if they're financially ready to own a home. We take a look at how to calculate how much you're spending now, what you can afford and your future expenses. Let's take a look at five things to review before you meet with your mortgage lender.
The first. Compare how much you currently spend on expenses and debt payments with the amount you've saved and invested over time.
The second, how much you can afford to spend in housing each month without risking your financial health.
Thirdly, how much do you need to save to pay for upfront costs when buying a home? Some upfront costs include the down payment, home inspections and appraisal fees, insurance costs, land registration fees, property taxes, legal fees. It's not a short list, is it?
Fourthly, how much would you be spending each month with home ownership? Expenses added to your current financial situation.
And lastly, what's your credit score? You can demonstrate your ability to consistently pay bills and debts with a copy of your credit report.
For more information, contact:
Adam Stewart, Realtor®
Chestnut Park West (Chestnut Park Realty Southwest Ontario Brokerage Ltd.)