Being a Financially Savvy Homeowner Kennesaw GA

But it will put you in the best position when it comes time to talk mortgages...

Local Companies

MD Funding Solutions
678-925-1309
205 Chesapeake Lane
Woodstock, GA
Atlanta Insurance Advisors
404-729-6485
1600 Roberta Drive
Marietta, GA
Maxsell Real Estate
678-741-2060
3231 S. Cherokee Lane
Woodstock, GA
John Wieland Homes & Neighborhood
770-703-1692
4125 Atlanta Road, SE
Smyrna, GA
Lantern Capital Advisors LLC
(404) 962-4405
400 Galleria Parkway
Atlanta, GA
Accel-Kkr
(770) 436-1643
4300 Paces Ferry Rd Se
Atlanta, GA
Aberdeen Funding
(404) 303-1545
333 Sandy Springs Cir Ne
Atlanta, GA
JDB Financial LLC
(678) 383-8438
341 Southern Oaks Dr
Dallas, GA
ACEO Capital Group Llc
(770) 396-6833
1915 Spalding Dr
Atlanta, GA
Cornerstone Advisors Group LLC
(404) 250-3340
5775 Pchtree Dunwdy Rd NE
Atlanta, GA

provided by: 
Written by Scotia Bank

Before you start thinking about the kind of home you want and where you want to live, it's a good idea to take a financial inventory.

This stage of the process saving, budgeting, planning is not as exciting as choosing a neighbourhood and looking at homes. But it will put you in the best position when it comes time to talk mortgages. Your home can provide a lifetime of memories and financial security, with the right mortgage and financing options that give you the upper hand.

Preparing to buy a home

For most of us, the first step in the home-buying process is to ramp up savings the more you can put towards a down payment, the less interest you'll pay and the more you may save on mortgage insurance.

Paying down debt and building a good credit history are also part of this process. The better your credit history, the more leverage you'll have when negotiating a mortgage.

Now, how much home can I afford?

Our convenient mortgage calculator will give you a good idea of how large a mortgage you can qualify for. The calculations are based on some traditional debt-to-income principles:The first lending principle states that your monthly housing costs including mortgage payments, insurance, property taxes, applicable condo fees should not exceed 32% of your family's gross monthly income. This is also known as the Gross Debt Service Ratio (GDSR) calculation.

The second lending principle states that monthly housing costs plus all other debt (loans, credit cards, lease payments) should not exceed 40% of your family's gross monthly income. This is also known as the Total Debt Service Ratio (TDSR) calculation. Pre-approved mortgages

Once you've set your savings plan, and determined how much home you can afford, getting pre-approval is the next step. Having a pre-approved mortgage tells potential sellers that you are serious about entering the housing market.

A pre-approved mortgage qualifies you for mortgage financing at an interest rate that is typically guaranteed for 60 days from the time that financing is arranged.

Fast fact: You can purchase a home with as little as 5% down. However, if your down payment is less than 25% of the home's appraised value or its purchase price, you are required by law to purchase mortgage insurance.

Additional resources: Shopping for a home? Check out the Canadian Real Estate Association Website.

Let us help you get the upper hand on your home financing. Visit scotiabank.com/upperhand for great tips, calculators and more.

Want to get more information on your home-related financing goals by email? Sign up here.


article at HomeRenovationGuide.com

Featured Local Company

MD Funding Solutions

678-925-1309
205 Chesapeake Lane
Woodstock, GA

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