Looking to buy your first house?
I’m here to help you cut through all the information and break your house buying process down into workable steps.
What is the first step you should take BEFORE looking at any houses?
STEP 1: Work out how much you can comfortably afford. The best way to do that is work out your GDS and TDS ratios. Your GDS ratio is the % of your gross monthly income used for mortgage payments, taxes and heating costs or – if you are buying a condominium – half of the monthly maintenance fees.
Your GDS ratio should not be more than 32% of your gross monthly income. Your TDS ratio is the % of gross monthly income required to cover monthly housing costs, plus all your other debt payments, such as car loans, leases, credit card payments, lines of credit payments and any other debt. Your TDS ratio should not be more than 40% of your gross monthly income. Once you know this you can use my handy mortgage calculator to figure out what your approximate monthly payments would be. If this all falls within your comfort level you are ready to speak to a mortgage broker and get a pre-approval. This is the best way to assess your financial readiness and know how much you can purchase your new home for.
Are you financially ready to buy your first home? Find out now.
Take advantage of a Free 30 minute Strategy Session with me. I bet you have had a few of the following questions:
- How do I get access to the best listings?
- How do I know if what I’m paying is fair market value aka “a good price”?
- How do I stay on top of this fast paced real estate market and not lose out?
- How do I get to see listings BEFORE they get on realtor.ca?
- Where are the best places to look for houses?
- What about just visiting open houses?
I will answer ALL of these questions and provide you with current market information and local trends. You will also get a feel for how I work as I provide you with what can potentially be your next steps.
There is no obligation to you so what do you have to lose? Call me today or book a spot in my schedule here.