Don’t worry about how much the bank or lender says you can afford – YOU need to decide how much you can afford. There are a few reasons why this is important:
1) Only you truly know your income and debts. Not all your debts are on your credit report and not all your income is claimed on your taxes. Therefore – the banks/lenders will never truly know your financial situation like you do.
2) There are different comfort levels with certain people:
a) There are those that like to have conservative payments and have lots of money left over each month.
b) And then there are those that don’t mind having every penny spoken for at the end of the day – just as long as they love their home.
Don’t let the bank/lender determine which one you are. Now – the bank may limit how much they think you can afford, and there isn’t really anything you can do about that – but its even worse to get into your dream house and then be kicked out within a few months because you couldn’t make your payments.
If you need any free advice from Calgary mortgage brokers – let me know – thanks!
Popularity: 1% [?]
Is it okay to accept your 1st offer? – Yes! There is this idea out there that if you accept your 1st offer that you are impatient and foolish. Since we don’t have a crystal ball we don’t know what the best offer will be. In my opinion, if you have listed your house and you have done your research and you know how much your house is worth – and the 1st offer is reasonable – Take it!
Another reason why there is this stigma attached to taking the 1st offer is Realtors. Since Realtors are paid commission on the sale of your house – as soon as they advise you to take an offer they look greedy. Realtors work on the same business laws that everyone else does – if they trick you into taking a low offer just so that they can get paid – they’ll never get your business again (and they know that).
It’s okay to take the 1st offer!
Trevor Hickey, B.A.
Mortgage Associate
Concord Mortgage Group Ltd.
#107 – 1905 Centre Street NW
Calgary, Alberta
T2E 2S7
Bus: (403) 290-1990
Cell: (403) 860-8738
Fax: 1-888-587-1426
Email: trevor@concordmortgage.ca
Website: www.mortgagebrokercalgary.info
Popularity: 1% [?]
NO! If you love the house, and you can afford it – buy it! The asking price is just that – an ASKING PRICE. It isn’t called the “recommended price” or the “maximum” or “minimum price” – if you are one of several people making an offer on a house – you may want to bid higher than asking price. If you are the only one who is making an offer and the house has been on the market for an unusual length of time, consider bidding lower than the asking price. That’s what I did with my house – we had 4 other people making an offer at the same time – and we bid more than the asking price and we got the house – I’m glad we did, we love it!
If you need advice from calgary mortgage brokers – call me. Thanks!
Trevor Hickey, B.A.
Mortgage Associate
Concord Mortgage Group Ltd.
#107 – 1905 Centre Street NW
Calgary, Alberta
T2E 2S7
Bus: (403) 290-1990
Cell: (403) 860-8738
Fax: 1-888-587-1426
Email: trevor@concordmortgage.ca
Website: www.mortgagebrokercalgary.info
Popularity: 5% [?]
