Real estate is all fun and games until you have to pay for it. That's where mortgages come in. Before you even go out and start looking at property, you should have a frank discussion with a good mortgage broker to determine what you can realistically afford for housing. I am not an expert on mortgages, and am therefore not going to spew advice on the subject other than paraphrasing what I just said:
The first step in your quest to buy a new home is a phone call to a qualified mortgage broker to determine what your housing budget is and what your financing options are.
How do you find a great mortgage broker? Ask your friends. Ask your real estate agent. Call up banks. The only thing that you should be aware of is that when you call up a bank and speak with one of their mortgage people, that person deals solely with that bank's products. When you speak with an independent mortgage broker that person has access to a wide variety of banks, and can shop arouund for the best rate for your particular situation.
Warning: Shameless plug for a fellow blogger
I recommend that you check out a blog that, like mine, is a light-hearted, yet educational disquisition designed to inform, illuminate and entertain the buying public. It's written by Dale Siegel, CEO of Circle Mortgage Group, and is called "Diaries of a Mad Mortgage Broker". You can find it at http://www.dalesiegel.com.
Along with your real estate broker and your attorney, your mortgage broker rounds out your "team" of professionals who work together to help you find the best property at the best price and terms. Choose wisely!
Reach me at: michael.sussilleaux@gmail.com
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