The idea of making the leap from apartment dweller to homeowner has been on your mind lately. There’s even been a property or two that you can envision owning. Could it be that now is the time for you to reach out to Canadian Mortgage Services and look into the financing options? If any or all of the following apply, the answer could be yes.
No Trouble Paying Your Current Living Expenses
At present, you have no trouble managing the household budget and paying everything on time. That includes the rent on the apartment, your tenant’s insurance, any utilities that aren’t included in the rent, and other basics. The fact that you manage them so easily indicates that you could do the same if you owned your own home.
There are differences between the expenses incurred by a tenant and those handled by a property owner. Do take the time to investigate the latter in more detail. If you think that shouldering the additional responsibility is doable, it may be time to find a property that you like.
Money Set Aside for a Down Payment
Over the years, you’ve set aside a tidy sum with the idea of buying a home someday. That’s great, since down payments are a wonderful way to reduce the amount of money you need for the purchase. The result can be mortgage payments that are lower and thus easier to manage.
Lenders like larger down payments too. Less to finance means that the risk of approving a mortgage application is lower. If you do end up not being able to pay the mortgage, the fact that the outstanding balance is significantly less than what the property is worth guarantees the lender will recoup everything that’s owed.
A Budget That Covers the Costs of Owning a Home
Remember the research that you did to determine how much it would cost you to own a home? Now that can be put into action by drafting a sample budget. That budget will give you an idea of what needs to be set aside in order to pay the bills each month. If you have enough income to cover all those costs and still put a little in savings, that’s a sure sign that owning a home is for you.
You’re Ready for Something Permanent
While many of the considerations are financial, there’s another aspect to consider. How do you feel about the idea of owning something permanent? With apartments, there’s the option to move when the lease is up. If you own a home, moving is more involved.
If you’ve found a property that you could call home for a decade or more, now may be the time to put down roots. If not, keep renting for now and wait until you feel truly ready for home ownership.
Whether you need a standard mortgage or want to look into options for some type of self employed mortgage loan, be aware there are choices out there. Look at them closely and never hesitate to compare different offers. Doing so will ensure that the type of financing you lock in will serve you well as the years pass.