What price home can I afford?

As a "rule of thumb" you can afford to buy a home equal in price to twice your gross annual income. More precisely, the price you can afford to pay for a home will depend on six factors:

• Your income
• The amount of cash you have available for the down payment, closing costs and cash reserves required by the lender
• Your outstanding debts
• Your credit history
• The type of mortgage you select
• Current interest rates

Lenders will analyze your income in relation to you projected cost of the home and outstanding debts. This will determine the size of loan you can borrow. Your housing expense-to-income ratio is determine by calculating your projected monthly housing expense, which consists of the principal and interest payments on your loan, property taxes and head (utilities). The sum of these costs is referred to as "PITH".

Need a excellent mortgage broker contact?  Have great mortgage broker contacts to pass on depending where you are: june@juneconway.com OR 250.317.3136 OR 1.888.657.7123

Great market timing to make an Okanagan purchase as there is ample property selection, slower market activity and continued, historical low rates!

So get that mortgage pre-approval to take advantage of current property selection:

• 4,867 properties actively  listed in the Central Okanagan according to Okanagan Mainline Real Estate Board (OMREB)
• 844 lots & acreages listed for sale [minimum list price $31,900-maximum list price $12mil]
• 244 manufactured homes [$28,500-$265,000]
• 2,174 single family residences [$99,000-$10mil]
• 1,560 strata [$2,000-$2.336mil]

As you can see by the numbers there is lots to choose from and time is in your favor.  Having said that ~ well priced ,"attractively packaged" properties sell quick!