Before you can start scouting for your home or income property you need to decide how much you can comfortably spend in down-payment, monthly mortgage and closing costs — plus any improvements to the home. Some clients are comfortable stretching to the limit, while others take a more conservative approach. Typically, a buyer's mortgage and taxes are about 1/3 of their gross income.
We can refer you to an outstanding local loan broker who will analyze your financial data and provide a "pre-approval letter" for a specific mortgage amount and purchase price. This amount is a function of your salary, other income, credit rating, employment history, down-payment, financial assets and liabilities. Once you are "pre-approved" for a specific amount, you have a very accurate assessment of your buying power and can focus your search on properties in your realistic price range.
Estimate your monthly mortgage payment