Mortgage FAQs

5 tips on choosing the perfect home for your family

Looking for a perfect house for your family can be challenging. You need to consider several factors when choosing a home. Here are some tips that can help you with your house hunt.



You can usually borrow up to three times your annual income as mortgage. But you must be careful that your repayments are not more than 35-40% of your monthly income. Otherwise, you might struggle financially every month.


Suppose, you find a house that you like and it is within your affordability range. You still need to weigh up several factors before making your final decision. Factors like distance from work, quality of neighborhood, nearby amenities, recreational facilities, etc. has a major impact on your decision.


Not all places are suitable for a family to live. You should consider living in a safe neighborhood where the crime rate is low. You should consider whether there are good transport links, new developments, etc.

Type of property


You should move to a location where the type of property you want is available. You may have specific likes and dislikes regarding various aspects of the home. You have to compromise on certain things. It is a smart idea to get in touch with a local agent for searching the right home for your family.


Consider whether the house you are buying is giving you good value for money compared to other similar houses. Right now the current trend is showing us that the highest values being seen in the real estate market in BC are in Kelowna and Victoria. Kelowna real estate agents are reporting a record year with 22% more homes sold over last year. You should consider the trend of home price in the neighborhood before deciding whether to buy home in that particular area or not. Buy a house in an area where you will get a good value for your money in case you need to sell the house in future.

You should find a home that is suitable for all the members of your family. You should consider these factors in choosing the right house for your family.

4 reasons why it’s better to buy a home with a mortgage

It is a good investment to buy a home. You can expect a good return in the long run. Sometimes, the price of the home is not within reach for many people. Mortgage provides an opportunity for these people to buy a home. Here are the main reasons to buy home with a mortgage.

It makes buying home affordable


Buying home is one of the major purchases you will make in your life. If you take a mortgage, you won’t need to pay the whole amount upfront. You can spread the amount over a long period. This will decrease your financial burden. Usually, you have to pay off the money between 25 to 30 years. This makes buying a home much affordable according to Tallahasee realtor Suzanne McGhee.

It is a cost-effective method of borrowing money

The interest rates on mortgages are lower than other types of loans. So, a mortgage is a better option. By getting a mortgage, the bank has the security that if in case, you cannot pay off the mortgage, the bank will be able to sell the house to get back the money.

Tax implications


If you purchase a property with cash, you have to pay tax. But in the case of a mortgage, the interest payments are tax deductible. So, the obligation to pay tax is less when you buy home with a mortgage.

Homestead exemption

If you don’t have a mortgage, you may not be eligible for a homestead exemption in case you fall into serious debt in future. In most states, people get protection from creditors in case of their house.

Considering all these factors, it’s obvious that buying a house with a mortgage is better than buying it with cash. So, instead of spending your cash on buying a house, you can make some other investments.