To rent or own? This is a question that many people ponder. Your primary consideration should be finding a suitable place for you and your family where you will be comfortable for many years. Assuming you are planning on staying in the same community for a while, most people would prefer to own rather than rent. This is due to the fact that your home provides a long-term investment as opposed to paying rent which is gone at the end of the day.
Sitting down with a mortgage broker or your bank would be a good first step in reviewing your financials and acquiring your options for mortgages. These experts also would be able to help you find out an appropriate price range for you to consider. If you meet certain requirements, they can pre-approve you for a mortgage. This is a great starting point for your search, but remember that even if you are pre-approved, there may be other conditions that need to be satisfied in order to be approved for a mortgage on a specific property. An example of this would be having a bank appraisal that is consistent with your offered value of the home.
More questions? Contact our offices to speak with one of our knowledgeable professionals.