Many people would like to start building equity in their own home, but are held back by concerns about cost. Your first step should be to approach your bank or mortgage broker. They will give you a realistic idea of what your can afford.
A mortgage broker is a good way to start. They can get you the best rates and terms and you only have to get the one credit check. If you approach different banks and each does a credit check, then you can affect your beacon score and that can affect your mortgage rate.
If you are renting, check with your bank or mortgage broker and then approach a Realtor to find out what is available in the range that you can afford. If may cost you less per month to own a home than to rent.
Ignore media reports on home prices. They take an average, but homes for example in Hamilton can be a couple of hundred thousand dollars less than a home in Toronto.
A Median price means that half the homes sold for more and half sold for less, so if the Median is $400,000, it means half the homes sold for under $400,000.
The average price is the total of all the homes sold and a total of what they sold for divided by the number of homes. This will give you a very different price than the median.
I have experience in the Burlington, Hamilton, Oakville area and can provide a knowledgeable market analysis and show you what is available within your budget.
To view properties for sale on the Multiple Listing service, point your Internet web browser to http://www.burlingtonhomes4sale.com. For further information, contact Gail Fabiani at Right at Home Realty Inc. 905-637-1700. You may well find that you can afford to own your dream home after all.
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