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home buyer faq

Should I talk with a bank before looking to buy a condo or private property?

The short answer is Yes, because in speaking to a bank, before looking at homes can help you understand exactly how much you can afford.  If you’re a first time home buyer, talking with a bank before looking at homes is strongly suggested.

If you know that you will need to take out a mortgage in order to buy your property, then it makes sense to seek financial advice at an early stage. Once you have provisionally arranged for the required mortgage funds to be made available to you, it is a good idea to obtain a mortgage certificate from the lender. This can then be used to prove to a seller or estate agent, that you have the necessary funds available to finance your purchase.

An important reason to talk with a bank before looking at homes is so you understand exactly what the actual cost will work out to when buying a condo.  There are many home buyers who don’t understand the difference between a down payment and other rather technical banking or loan related terms. Hence, all these complexities can be easily explained by a home loans specialist of the bank or a mortgage professional.  A mortgage professional can give you advice on the type of financing you should be looking to obtain and other details if needed.