Making a mortgage plan
The trick to avoiding a real estate misstep is to have a home buying/selling plan and sticking to it.
It's springtime, and we all know what that means. Time to start checking out MLS listings and open houses, auditioning real estate agents and getting pre-approved for a mortgage. It's a fun and exciting process, and the key to getting the most out of it is to plan.
Amid warnings in the press about the impending housing bubble, the direction of mortgage rates and house values, it is sometimes difficult to know where to turn. In this article from Moneysense, Gail Vaz-Oxlade advises readers on the importance of making a detailed plan before starting the search for a new home. Factors you will want to take into account:
- How long are you planning on staying in the home?
- When you do move, will you be upgrading?
- If interest rates rise, will your payments still be manageable?
- Do you foresee any significant changes that may impact your finances, such as a change in employment, starting a family, taking care of a loved one or renovations?
Sitting with an Ottawa Mortgage Broker is always a good place to start. They can assist in formulating a detailed budget and negotiate for you to ensure you're receiving the best rate and terms.