How exciting that you're considering homeownership! The differences between renting and buying a home are vast, and there's a long list of pros and cons for both options.
And remember — there is no one best decision for everyone. Before moving forward, though, there are some important considerations to keep in mind.
Affordability should be a main concern. Your monthly income must cover mortgage payments and homeownership costs and still allow you to live comfortably. After all, you still need to pay for food, clothing, transportation and other living expenses, not to mention vacations and the other activities in your life. Nobody wants to end up "house poor"!
Whether homeownership is for you, however, depends on if you are ready both financially and emotionally for the change. After all, buying a home isn't just about money — you should listen to your heart…and take an honest look at your lifestyle.
Don’t forget to inspect your credit file before you apply for your mortgage and then get a mortgage broker to find the best discounted rate for you.
Mortgage brokers can beat the bank posted rates.
What is bank posted rate?
Bank posted rate in not the rate posted on some website. Bank posted rate is a rate posted at your local bank. This rate is usually 1% or as much as 1.5% above discounted rate offered by other lending institutions.
If you want to get a better than posted rate then you will need to negotiate with your bank and ask for their “special” rate or use centum.ca/mustapha_maynard to get the best discounted rate for you – without the hassle or negotiations… and from the comfort of your home.
Thank you
Mustapha Maynard
Mortgage Specialist
CENTUM.CA/MUSTAPHA_MAYNARD
1-888-530-3024
902-677-2570
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