The Buying Process
Step 2 - Financing:
Prior to searching for the right condo, it is important to get preapproved by a mortgage specialist so that you know the maximum amount of mortgage you can afford. This is based on your income, debt, credit rating, etc. This amount isn't necessarily what you should be buying at - you should consider allowing some extra room for other monthly expenses. They will also provide you with details on what your mortgage payments will be and the different options to repay the mortgage (Monthly, Bi-Weekly, Weekly, or Accelerated). For more details on what you can afford, click here.