Author: Okie Dan
When purchasing a home, you can find yourself in one of the most stressful periods of your life.
To help ease the stress of purchasing a home, I have a few tips you may want to consider following.
1. Lock in Mortgage Rate
When you apply for a mortgage, you will be able to lock in the rate. This is generally for a maximum of 120 days. This guarantee will let you have the rate you want despite any increases made during the time period.
2. Consider Future Possibilities
With rate increases bound to happen soon, and you are worried about affordability, take into account a 1 – 3% increase in your payments. By doing this you can have peace of mind knowing the whether or not you can afford a home now or in a few years.
3. Leave “Wiggle” Room
With a pre-approved mortgage, you will know what you can afford, however do not make any rash decisions. Take into account your current lifestyle, and consider any future changes. You should purchase a house within a comfort zone, which will help if any unexpected costs come up.
I will be providing further information on those who already own a home and may want to improve their mortgage later on.
Rita Baxter
Broker of Record with Town and Country Realty
www.lloydminsterrealestate.ca/
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Four Ed
Thanks for shairng. Being stressed about buying a home is very true. Lock in rates are good, but you need to remember that they will change after the specified period, so be prepared to pay more if the market changes, which is inevitable in today’s climate. Also, do not buy a property you cannot afford; it is sometimes tempting to buy out of your price bracket, but if the market suddenly changes you might not be able to make payments.