Hi, I'm looking to buy a home in Edmonton. It has been six months since I'm in a hunt for a dream home. As you all know buying a home is kind of a long term investment, we can't change it that easy! That is why it took a little longer to find a good one.
The thing is, I had a plan of buying a home within the budget of $400-$450k(In the case of houses which doesn't need any renovation afterward). The house which satisfied me seem to cost around $500k including some patch-up works. I can make it up to $480-$490k from my savings, it won't be a good idea to put all my savings in this as we can't predict any medical emergencies or other occasional needs!
At this point, my friend suggested me an agency with the best mortgage rates. Lending money from others have become a common strategy, yet I'm quite hesitant to take more financial loads!
Also, I'm a little confused as I'm putting the major part of my savings in this purchase!I'm afraid if the mortgage repayment rate is increased then there is a risk of losing everything together. I hope I can have a detailed perspective on how the mortgage process works from the experts here.