As we all dream about buying a house we inevitably face the reality of the mortgage. Whether you are a first time buyer, moving up or moving down, the majority of us are going to have borrow the money to make it happen. My first mortgage was for $51,000 and I was terrified. Cars cost more than that now!
With an interest rate hike looming, many of us are going to make the jump and lock in a rate to buy that house. I suggest you see your financial institution or mortgage broker to get your lower rate secured for 90-120 days, even if you haven’t found the home for you yet.
In the meantime, here is a group of calculators brought to you by Royal LaPage that could help you decide how much you can afford. http://www.century21.ca/Buying/Financing
Good luck and happy house hunting!