Now that you know what you can afford, you will need to determine your needs and wants within your price range. Some things to consider are:








? Consider your current lifestyle and any future lifestyle changes you foresee making, think long term.


? Select an urban, suburban or rural location that best serves the needs of your evolving lifestyle.


? Choose neighbourhoods in close proximity to the amenities that are most important to you like schools, shopping, entertainment, recreation and transportation.


? Consider your commute times to work, school, friends and family.


? Determine the size of home you require, such as the minimum number of bedrooms, as well as any other space requirements, like room for a home office.


? Understand the home features most important to you, such as additional bathrooms, a garage or a large yard.


? Decide on a property type that suits your lifestyle, needs and finance ...

1. Getting pre-approved tells you the maximum the lender is likely to loan you, which helps you narrow down your home search to affordable properties.
2. You can get an idea of what your monthly payments would be.
3. You'll have more credibility with real estate agents and with sellers if your loan is pre-approved. Some agents won't take you seriously until you have the pre-approval. They don't want to waste their time, or yours.
4. Mortgage loan approval takes time. If you wait to apply until you're ready to make an offer, you could lose out on the home to someone who is pre-approved.
5. The lender often will lock in an interest rate, which protects you if rates rise while you are shopping for a home.
6. If your circumstances don't qualify you for a low interest rate, you'll know that going in. You might decide to look in a lower price range to make up the difference.
7. Pre-approval gives you at least some peace of mind, which you will appreciate during the often-stressful proce ...