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kitchenerr waterloo homes for sale What Can We Afford?

Not every buyer is faced with the same question when they want to buy a home. Many renters would like to know the mortgage their monthly rental payment would carry. Others would like to know how much mortgage their incomes would support. Some want to know if they have enough income to buy a house at all. Still others want to know the house price they can afford with a specific monthly payment and the use of some or all of the equity from their existing home.

AffordAbility created by (CMHC) is a new software program that quickly provides the calculations you need. It's a great tool to help you get the answers to all your questions. Affordability can help anyone thinking of buying a home. Whether you are a first-time buyer or a repeat purchaser who wants to move up or down in the housing market. AffordAbility can quickly and accurately answer your down payment and mortgage questions.

At our "Buyer Chat" we can help you with all these answers and more. In fact, we can play around with your income figures, calculate your regular expenses (ie. car payments, utility costs etc). then come up with a few different options. You can see what a regular 25 year amortization schedule will look like. You can see what happens when you reduce that amortization by a few years. What happens when you keep your amortization the same, yet increase your mortgage payments? What happens when you make a lump sum pre-payment every year with your income tax return? For each purchase price, it will show the minimum down payment required, interest rate, monthly payments, amortization period, and mortgage balance at renewal time. Want to pay that 25year mortgage off in 10-15 years. Take a look at how it's done!

Are you still saving your down payment? Take a look at the monthly budget section. It will calculate what you are spending where. You can even input your "savings" for your down payment. Closing Costs? Everything is itemized for your future purchase.

Want to add on an extra bedroom or finish the rec room? For those who are comfortable in their existing home, and want to do some renovations, AffordAbility will calculate the different options available depending on the original loan amount, interest charged, length of loan and interest paid. What an excellent way to find out how much you can afford to spend, and the total overall cost including interest paid, on the whole project.

At most of our "Buyer Chats", I ask the couple if they have been to the bank and what mortgage amount have they been pre- approved for. Most often, there is a difference between what a couple will qualify for and what they feel "comfortable" with. Who wants to have a great house …if they can't afford to take in a movie, once in a while.

Call Roy Cleeves, Broker at (519) 570-4447 or e-mail her at carolh@golden.net to set up your personal "Buyer Chat".

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Roy Cleeves, Broker

Keller Williams Golden Triangle Realty, Brokerage Independently Owned and Operated
Office: 519-570-4447 Direct: 519-772-3759