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Home Buyers
What Can You Afford? Before looking at houses, before choosing the neighbourhood you would like to live in, you must determine what you can afford to pay for a home. Your affordability is based upon your monthly income vs. your monthly carrying costs, not necessarily the price of the home. The question is 'what can you afford?' not just 'what will the bank lend you?' In today's market we are witnessing many lenders offering more money than some homebuyers are comfortable borrowing. Your bank or broker will determine the size of the loan you are eligible for and then give you a pre-approved guarantee on the loan. Be sure to get a guarantee on the interest rate! Most lenders will guarantee there rate for up to 120 days. Most pre-approved mortgages have some conditions. For example, providing letters of employment, ensuring that your credit is good, proving that you do indeed have the down payment and are not borrowing it etc. Choosing a Neighbourhood Once you know what you can afford to spend on a house, the next step is to determine where you would like to live. Consider things like:
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