What's your comfort level?
Most buyers need to take out a mortgage loan in order to purchase a house. Mortgage calculators are useful tools for estimating monthly mortgage fees at current interest rates based on your downpayment and amortization period. Take this number and plug it into your monthly budget to see how your future mortgage will affect your cashflow. Regardless of the mortgage amount you are preapproved for, it is important that you are comfortable with this monthly expense when taking other budget items into account.
Connect with a lender
Most people access mortgage loans through a mortgage broker or a bank. Please contact me if you are new to the Edmonton area or don't know any local professionals. I would be happy to connect you with financial professionals who can help you acheive your home goals. It is important to get preapproved for a mortgage by a mortgage broker or bank before we start searching for homes.