Tag Archives: mortgage

Qualifying for a Mortgage

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“I’m desperate to buy a home as I’m tired of having to deal with landlords. I have some money saved up for the deposit and I’m going to go to a mortgage company for a loan. I’m a little confused as to the process involved in getting a mortgage. What can I expect from the process?”

Congratulations on making a move towards owning your own home. Having a deposit amount in hand is only the first step in achieving home ownership. The determining factor between getting your home and continuing to pay rent is- will you be able to get a mortgage?

Going to a mortgage interview can be a nerve-racking experience. You’ve finally found a place that you really want, you’ve agreed to pay your deposit to the vendor, and now you face the people who will decide whether or not you can qualify for the loan you need to close the deal. This can definitely rank high on the list of life’s most stressful experiences! Continue reading Qualifying for a Mortgage →

Can You Afford To Buy A Home?

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“I’ve been saving towards the deposit on a house for a couple of years. Given the rising real estate prices, I think I should try to buy a home now, but I’m not sure if I can manage the mortgage payments. How can I know if I’m really able to afford to purchase a home?”

The real estate market boom has led to rapidly increasing housing prices and consequently, diminishing hopes of acquiring dream homes. The temptation for some anxious homeowners-in-waiting is to buy quickly before prices get higher, without knowing if their financial position really allows them to afford it.

Last week we looked at the pros and cons of buying a home versus renting a property. If you’ve decided that owning your own home is an important goal, you have to examine your finances to ensure that you’ll be able to meet this major commitment.

The first thing to consider is: what are all the costs involved in buying a home? Continue reading Can You Afford To Buy A Home? →

Buying vs. Renting a Home

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“I’ll be forty years old this year, and all my friends keep encouraging me to buy my own home before it’s too late. I’m very comfortable with my rented property and I really don’t want to spend a lot of money buying a house. Am I making a financial mistake by continuing to rent instead of buying? “

The biggest financial dream of most persons is to own their own home. However, an increasing number of people are opting out of home ownership, even though they may be able to afford to buy.

Is purchasing your own home the great financial benefit that it’s always portrayed? Or could it be more profitable to put your cash in other forms of investments? There is no one answer that will suit every person.

Buying a home is a significant investment of time and money, and you will need to consider the pros and cons of renting versus buying, in order to decide what’s best for you. Continue reading Buying vs. Renting a Home →