Get a Mortgage
Mortgages have too many variables for online calculators to be accurate.
Find out how much home you can afford with of Richmond's most helpful mortgage brokers!
How Much Can I Afford?
Your credit score determines much about the mortgage loan you will receive. New home-owners are often surprised at how much credit affects their ability to purchase their house. A good credit score is a must-have for good interest rates and affordable monthly payments. Those with good credit tend to find the home-buying process much easier.
Below are some frequent questions that people ask when financing a home.
Can I buy a house if I have bad credit?
Yes. Raising your credit score is important for buying a home. Banks see home loans as a great source of income because people pay their mortgages month-after-month. If you have bad credit, you may still qualify for a house loan. Interest rates may be higher, as well as monthly payments and the deposit (down-payment) required.
How large of a monthly payment can I afford?
This is something to discuss with your mortgage broker. Generally, it is a good idea to keep mortgages close to 25% of your income. This way you can avoid late-fees and the risk of foreclosure (in case your financial situation changes).
Is it a good time to buy a new house?
It is a great time to buy a house - if you can find one. The housing market is thriving, but this also means a lower supply. Real estate has always been one of the more stable investments. Check out this market data.