If you are a first time home buyer and looking for a mortgage, you want to ensure you are being a responsible borrower. The dream of most Canadians is owning their own home, and there is a great sense of pride and reward in home ownership. There is not much pride in owning a home you can’t afford so there are questions to find out if this is the best time to own a home.
- To best of your knowledge, can you maintain the housing costs and be prepared to sacrifice your lifestyle or have a contingency plan in place should there be an unforeseen change in your income or family income?
- Is employment income stable for you and others in the other household?
- Have you stress tested your mortgage?
- Do you have spending habits or debt that needs attention before taking on the responsibility of a mortgage?
- Have you determined how much house you can afford? (Feel free to find out using our Mortgage Affordability Calculator)
Purchasing a home is a great experience but there are some things you need to look at realistically, it’s not to say you can’t own a home, but you want to ensure that you are getting a home you can afford and have financial peace of mind. If you are already a home owner with a mortgage and find yourself financially stressed and need help, find information about debt consolidation.
At Home Loans Alberta we can help you evaluate your readiness to obtain a mortgage. We help our customers pick the right mortgage solutions according to their need, and then personalize them to suit their individual requirements. Our aim is not only to provide the best service but also to establish a long-lasting relation with our customers. Our mortgage brokers find you best mortgage rates Alberta along with great mortgage products.