Open House - The Real Estate and Mortgage Show
Steve, Paul and Frank take all your real estate and mortgage questions. For first time home buyers, what are some of the absolute minimums required? When making an offer on a home, how low is too low? These questions and more answered on another episode of Open House.
This week's Open House - The Real Estate and Mortgage Show is full of terrific information for first-time home buyers. From choosing an agent to making an offer, many of the most frequently asked questions from first-timers are addressed this week.
Before starting the search for your dream home, it is strongly recommended to get a mortgage pre-approval. Taking the time to consult an Ottawa Mortgage Broker will give you a budget to work with. There is nothing more disappointing than finding a home you love that is out of your price range.
There are many factors when it comes to qualifying for a mortgage. The minimum down payment is 5% of the home's purchase price, but saving more if possible is always better. Minimum salary is more difficult to pinpoint, as it depends on the price of the home, your credit score, your other debts and how secure your employment is. A helpful recommendation is to budget based on your net income. This will give you a realistic picture of what you can actually afford.