Want to obtain a mortgage approval? Remember though, today you want to buy a house: you’re single, with a dog, a decent job and a some student loan debt. Tomorrow you’re married, with kids, a one income family and things are tight!
Why is it that bankers don’t review this kind of information with you? I do!
Mortgage Approval
Rob Carrick is a finance writer for the Globe and Mail. Awhile back he wrote a great article that really 
went into detail about why you don’t want to take a banker’s word for it that you can “afford” a mortgage. Bankers can determine if you qualify for it, and will obtain a mortgage approval, only you can determine if you can afford it.
In Rob’s own words, “Never take a lender’s word for it that you can afford a house.” Words to live by!
Rob has this great spreadsheet (click here to download it) that can help you to determine whether or not you can truly afford this new home/mortgage.
“Use the Real Life Ratio and you’ll know what you’re getting into before you buy a house. You may decide you need to save a bigger down payment, buy a smaller house, live in a cheaper location or not buy at all.”
Remember too that their are other costs to involved with home ownership other than just the mortgage: property taxes, maintenance, utilities etc. Be sure that you’ve taken all of those into consideration as well.
So before you go out and get that mortgage approval for the maximum the bank will lend you, talk to me (403-804-7002), I can help you review your budget and determine your “real-life” affordability!
Leave A Comment