We know you’re busy, so saving time is essential. Sometimes you don’t have time to keep up on important news, but luckily we’re here for you.
We regularly summarize recently published articles about the latest mortgage and finance news, highlight the important parts and send you a concise summary. It’s just one way we like to serve our community! This article was published in the National Post and gives first-time homebuyers some tips.
When you buy a home for the first time, you have a number of things to think about. It’s time to ask yourself some challenging questions about your lifestyle, income and how you’ll budget moving forward. From looking at borrowing options to deciding how much you should spend on your down payment and mortgage, you have many decisions to make. You might even need to trade some short-term sacrifices for long-term benefits.
In this article, personal finance writer and money expert Melissa Leong shares tips on saving for homeownership, such as:
Limit your monthly housing costs to no more than 32 percent of your We know you’re busy, so saving time is monthly income.
Budget 1 to 3 percent of the purchase price annually for repair and maintenance.
Reduce spending, increase your income, and aim to make a 20 percent down payment if you’re in an affordable housing market.
Research mortgage rates online, compare and consider getting a mortgage broker.
Don’t forget to manage your expectations – look at different types of homes and living arrangements.
Thanks for reading! If you want to read the entire article, please download the attached PDF file with highlighted points-of-interest HERE