In a large portion of British Columbia, real estate costs are still skyrocketing, making home ownership unaffordable for far too many individuals. To save up enough cash for a small down payment on a first house, may take years of sacrifice. Next, what?
What Can I Afford? What Exactly Should I Know? Receive Pre-Approval!
Great if you have a bank account with several hundred thousand dollars!
If not, you should find out how big of a mortgage you can receive by talking to your bank or a mortgage broker. You will receive a mortgage pre-approval from the bank or broker, which is a ballpark figure for how much you can (or want to) borrow.
The information you give the bank or mortgage broker forms the basis of this mortgage pre-approval. Keep in mind that the pre-approval amount will be more accurate the more precise and thorough the information you submit.