Buyer Tips - Know your Budget

Setting your budget is one of the most important steps in buying a home. Here’s how to get started:

Step 1: Determine Your Budget
Look at your income, expenses, and how much you can afford for a monthly mortgage. Use online calculators or talk to a lender for help. 📊 A word of caution, an online calculator is not a pre-approval. Be sure you have a commitment from your lender before you start your search.

Step 2: Don’t Forget Closing Costs
The price of the home isn’t the only cost! Be sure to budget for inspections, appraisals, and closing costs. 🧾 A good rule of thumb  (where does that saying come from?) is to budget 2% of the purchase price for closing costs - lawyers fee and land transfer tax. 

We’re here to help you navigate the numbers and stay within your budget! If you are unsure of the costs involved in buying a home or you would like to get a pre-approval from a trusted Mortgage Broker call me.

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💬 Ready to get pre-approved and start your search? Reach out and let’s make it happen!