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The Most Appropriate and Cost-Effective Advice for Buying a Home

CENTURY 21 Dreams Inc. | Friday Aug 16th 2013

Simply put, buying a home can be stressful. It doesn’t have to be, but somehow – mostly due to misinformation – it is for many Canadians looking for sound advice. Buying a home involves a lot of detective work when it comes to locating a great location and a great property – and then you have to worry about interest rates, mortgage terms, and other details that have to be finalized before you can sign on the dotted line and pick up your keys.

Fortunately, good advice is out there. Here, we’ll cover three cost-effective tips for buying a home, including mortgage pre-approval, the benefits of a mortgage payment calculator, and navigating interest rates.

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Pursuing Mortgage Pre-Approval

One of the best steps to take while starting the home-buying process is to obtain a mortgage pre-approval.  This is basically a process by which your bank certifies you as being pre-approved for a loan before you get out there in the market.  In essence, it is a way to gain reassurance that when you go to obtain a mortgage, your bank will be there waiting.

Far too many individuals and couples assume they can simply obtain a mortgage when needed, and start their process by looking for the perfect home. Then, when they have found the perfect place, they go to the bank for the first time – only to be extremely disappointed when they find out that they can’t get a mortgage!

Advice for Buying a Home


Mortgage pre-approval is a must. Talk to your bank early and often. This saves time and money but also gives you room to work with your bank before you have to move. Mortgage pre-approval saves time and money – and peace of mind.

Using a Mortgage Payment Calculator

While you’re working with your bank, use an online mortgage payment calculator to figure out how much you’ll have to pay on a monthly basis.

While you may not have specifics yet, you can get a good idea early on. Figure out how much you’ll want to pay (based off what you can afford), and start from there. You can put in that info, interest rates, and other details and figure out how much home you can afford. A mortgage payment calculator is immensely valuable when budgeting for finances.

In addition to a mortgage payment calculator, look into interest rates. A variable-rate mortgage typically has one set rate for a year, then a varying rate for each year after, depending on current interest rates. A fixed-rate mortgage gives you a set rate regardless of interest rates.

Variable-rate mortgages can be risky, but can save you money, while fixed interest rates give you certainty. Talk with a trusted real estate advisor before choosing one.

With this advice, buying a home is a lot less stressful – and far less expensive.

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This is the number of residential
properties sold in the area(s).
  1. The average home price is found
    by adding the value of all sales and
    dividing by the number of homes.
  1. The median sale price is the
    midpoint of all sales.