Читать книгу Complete Home Buyer's Guide For Canada - Geraldine Santiago - Страница 4

Getting financing to pay for the purchase of a new home is on the mind of every home buyer. Before searching for properties, you should see how much you can afford to spend. Going through a financial institution’s pre-approval process is a good way to determine your buying power. You will need to gather financial information about yourself, which will be detailed in an application. The financial institution will assess your income (employment income and earnings from assets, stocks, bonds, and so on) and assess your debts and expenses (car loans, credit card loans, student loans, rent, living expenses for yourself and your family). It will also assess your credit history and verify the amount of the down payment you can make. After making all these assessments, it will determine the amount of the loan for which you qualify.