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The Home Buying Process - Step 3: Understanding Financing


Step 3: Understanding Financing

Like many things in life, planning ahead is the key to success. So, you should know the price range you can afford before you start shopping. Here are a few things to keep in mind:

• Down payment – this is usually the percentage of the total cost of a home that you’ll need to pay. The more money you put down, the more money you’ll save on monthly payments and, in the long run, interest paid

• Knowing what you can afford – how much house you can afford comes down to 3 factors: your monthly mortgage payment, your down payment and the amortization period or length of time it will take to pay off the loan

• Getting pre-approved – this will really help you figure out what you can spend on a home because you’ll know before you start shopping. And you’ll be protected against rising interest rates as well

Now on to step 4...

Source


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Royal LePage Team Realty Brokerage Ottawa | Ottawa Real Estate Agents
Office: 613-725-1171 Direct: 613-864-3327 E-Mail: charleskhouri@royallepage.ca 1723 Carling Avenue Ottawa, Ontario K2A 1C8

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