How do I buy a house? Where do we start? 🏡

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Purchasing a house doesn’t have to be complicated. Your first step is to contact a local Mortgage Broker, like myself. I will help you determine how much you can qualify for. Once we've established this, the next step is to check your credit rating to ensure there are no surprises and confirm that you can get a mortgage. With a good credit rating, I will submit your application to a lender for pre-approval. With pre-approval in hand, you can begin shopping for your dream house. I will guide you through the rest of the process, so you know exactly what to do and when.

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How much can I spend on a house? 💸

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Determining how much to spend on a house can be as simple as figuring out how much of a down payment you can come up with. For example, if you have $20,000, the most you could spend, if you qualify, is $400,000, as $20,000 would meet the minimum down payment requirement. Use a mortgage broker to determine the minimum required down payment, especially since the requirement changes when purchasing above $500,000. You can use my down payment calculator to find out the minimum down payment required. If the down payment is not an issue, consider your income to debt servicing ratio. I will calculate how much you qualify for based on your credit, income, and debt payments. Finally, figure out your budget and how much you can afford for your mortgage payments.

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The Do's and Don'ts of Getting a Mortgage ✅🚫

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Don'ts: 🚫

• Don’t move your money around from account to account. Leave the money in one place until the down payment is confirmed.

• Don’t apply for additional credit. It puts you at risk of lowering your credit score or increasing your debt load.

• Don’t max out the credit you have. Increasing the balances might prevent you from qualifying.

• Don’t miss any payments on your bills. Even missing a cell phone payment can alter your credit score enough so you don’t qualify.

• Don’t change jobs. Starting a new job usually means a probationary position, which can affect your mortgage qualification.

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Do's: ✅

• Do your research. Buying a house is a major decision, and you want to make sure you are going to be able to live with your choices regarding location, square footage, amenities, etc.

• Do contact a mortgage broker. As your mortgage broker, I specialize in arranging residential mortgages.

• Do contact a realtor. Realtors can save you money and help you negotiate your new home purchase.

• Don’t skip a home inspection. House inspections can uncover issues that you may not find on your own.

• Don’t overbuy. Ensure you only buy a property you can afford. Preparing a budget beforehand can help.

• Don’t give up. The right house might not be on the market yet. Keep watching.

• Do contact your broker before making any major financial decisions.

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As always… Do contact your Broker (me) for help with your House Purchase!!