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VERICO One Link Mortgage & Financial
   

House hunting? Tips on How to Calculate a Budget

Balance is a key word to remember when looking to purchase a home.  Not only do you have to consider things like the features you would like in a house, what size or the location, you also have to consider what you can afford.  Here are some tips to help you come up with a budget that is right for you:

Find out what your options are - when you are preparing to go house hunting, you think along the lines of what suits not only your current needs, but also you lifestyle.  The same applies to your mortgage.  A little bit of research will go a long way in helping you calculate a budget that is right for you.  For example, do you know what the difference between a fixed and variable rate mortgage is?  Which one would be better for you?  Also think about what amortization period would besIt is important to speak to a mortgage broker and calculate a budget prior to house hunting.t suit your individual situation.  Knowing in advance about payment options will also help you when it comes time to deciding on a mortgage.

Run the numbers

- look at your finances and decide what you can afford.  There are many

 

online calculators available that can help you determine your price range.  By using a calculator, you will be able to factor in your income, the size of your down payment and look at various mortgage options as well as payment plans.  Budget in hand; you will be able to confidently view houses that you know fit into your home-owning plans.
 

 

 

Get pre-approved - this will actually give you more buying power!  You will know the maximum financing that is available to you.  You will also be aware of your offer's ultimate ceiling and can shop around and bid accordingly.  This is especially important if a bidding war is involved!  (The Accredited Mortgage Professionals at VERICO One Link can provide you with a pre-approval certificate (subject only to appraisal or CMHC approval). If you provide your Realtor with a copy of this certificate to present to the vendor, this can strengthen your offer.)

 

  

 

Today's Best Mortgage Rates
Subject to change without notice.  Rates as of July 6, 2011
  Typical VERICO
Type Posted Rate One Link Rate
 Prime3.00%3.00%6 Mos. Closed4.45%3.49%1 Year Closed3.60%2.64%1 Year Open6.30%6.30%2 Year Closed3.95%3.14%3 Year Closed4.35%3.45%4 Year Closed4.89%3.44%5 Year Closed5.39%3.54%7 Year Closed6.39%4.79%10 Year Closed6.75%4.99% Adjustable/Variable 5 Year - Prime  Minus .802.20%
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Check out our recent Blog articles:  
 

 

Purchase Plus Improvements - Add Renovations to your Mortgage 
 

No Down Payment?  Some Solutions for Homebuyers

 

Tips to Win a Bidding War! 

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REFINANCE SAVINGS ANALYSIS

 

Maybe it's time to consider refinancing your high interest mortgage and high interest credit card debt into a new low interest mortgage!  Let our Accredited Mortgage Professionals provide you with a free, no obligation Refinance Savings Analysis.  This report will clearly show you the costs of the refinance which may include appraisal, legal and existing mortgage penalties, versus the interest savings and improved cash flow from a mortgage refinance. 

 

We also offer a "No-Fee Refinance" which offers free appraisal and legal costs (a savings of approximately $1,000!), O.A.C.  For more information on the No-Fee Refinance, click here.

 

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VERICO One Link Mortgage & Financial
 
204-954-7620

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Winnipeg North & South
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VERICO One Link Mortgage & Financial | 100 - 99 Scurfield Blvd. | Winnipeg | MB | R3Y 1Y1 | Canada

Susan Greschuk

Susan Greschuk

Associate Broker
CENTURY 21 Sun Country Realty
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