TWO BIG MORTGAGE MISTAKES TO AVOID

Dated: 11/08/2018

Views: 5

We all know that searching for and viewing potential homes is the fun part of the home-buying process. The not-so-fun part? The mortgage.

But if you don’t pay attention to the details, your mortgage can end up dragging down the enjoyment of your new home and cause some major regrets. Here are a few mistakes to avoid to ensure that you love your mortgage terms as much as your new home.

Don’t find your home first: Shopping around for the best mortgage rate should be the first step in the home buying process. You may even want to talk to a mortgage broker a full year before you plan to buy. It’ll give you time to get your affairs in order to qualify for the best rate, could save you thousands of dollars in the long run, and you won’t feel rushed to accept an unattractive loan because you’re worried you’ll miss out on your dream home.

Don’t forget your real budget: There’s often a big difference between what a lender says you can afford and what you can actually afford. Your debt-to-income ratio doesn’t include the money you spend on hobbies, or the cost of commuting to work, or maintenance and utility costs.

Really sit down and examine your spending before committing to the loan amount the lender is offering. You won’t enjoy your home nearly as much if it’s eating into your favorite hobbies. 

Blog author image

Anita and Josh MacKinnon

Our clients expect unparalleled personalized service from us … and we deliver! Our clients come first and our process focuses on you – so that your real estate experience is an exceptional one. It....

Latest Blog Posts

5 Possible Benefits to Listing Your Home in the Fall and Winter

By Stefani Forster It goes without saying that spring and summer are excellent times to put your house on the market; the weather is warm and potential home buyers are in the mood to window shop

Read More

What Buyers should know about Purchase Contracts

Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree upon a certain purchase

Read More

HARMFUL NEGOTIATING TACTICS

Are you looking to be a homeowner in the Edmonton and surrounding area? There are lots of steps and things to think about. Once you've found your dream home, then starts the negotiations.

Read More

SAVE OR PAY?

The balancing act between paying more than the minimum payment to rid yourself of debts and building solid savings can be a difficult one for some. Here are some things to consider when making this

Read More