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20518 89B Avenue, Langley
 
 Style: 2 Storey
 Age: 13
 Bedrooms: 4
 Bathrooms: 3
 Ensuite: Yes
Square Footage: 2,259
 Lot Size: 5,013 Sq Ft
 Parking: Multiple Garage
 Basement: Crawl
 Taxes: $3,393 (2007)
 Fireplace: 2 Gas
 School: Close


 

MATCHLESS, METICULOUS and MEMORABLE! From the captivating cul-de-sac street appeal to the hardwood floors; from the private greenbelt lot to the granite counter tops; from the cozy Family Room to the elegant Living Room, this exceptional home in Walnut Grove's prestigious Forest Creek neighbourhood is above the expected. This exceptional home offers a quality of lifestyle envied by most. The tiled foyer leads you into the entertainment-sized Living Room, accented by large windows and a gas fireplace, while the Dining room's alcove, banked by slim windows, awaits your buffet and hutch. The Kitchen gleams with granite countertops and tiled backsplash. Bayed windows hug the large Eating Area. This overlooks the Family Room, which hosts a gas fireplace and hardwood floors. From the Family Room, French doors usher you to the fenced backyard. Towering evergreens provide privacy while you enjoy a bar-b-que or a relaxing soak in the hot tub. Upstairs the luxurious Master Suite features a walk-in closet and an ensuite, boasting a soaker tub and a separate shower. Three other Bedrooms are teen-sized with plenty of room for sleep, storage and study. A sparkling 4 Piece Main Bathroom completes the upstairs which emphasis that this exceptional home gives your family numerous living spaces and private places. This exquisite home is unequalled.

Even amongst such elegant decor, this splendid home still has "family appeal" and seems to invite you to cuddle in and stay awhile ... it's home!
 
 

What you can afford?

Before you start looking for a new home, it is important that you become aware of how much you can afford to pay. This knowledge will allow you to spend your valuable time looking productively at homes which are within your predetermined price range.

You can calculate a relatively accurate figure for yourself if you assemble the following information.

The CASH and or equity from your current home you have saved to be used for this home purchase called the DOWNPAYMENT.    $______________
Plus: The amount of BORROWED MONEY you are able to arrange.  $______________
Less: CLOSING COSTS associated with a real estate purchase.    ($_____________)
Equals: Maximum Price $______________

The Downpayment

Lending institutions will require you to make a downpayment of at least 5% to 10% of the purchase price of the home. Lending policy may vary from time to time.

However, as a general rule, you should make your cash downpayment as large as possible. The less money that you borrow, the smaller your monthly payments. Your deposit will form part of your downpayment.

The Borrowed Money

Almost everyone who purchases a home borrows some money needed to pay for it.

The easiest way to determine how much money you will be able to borrow as a mortgage loan is to consult with one or two lending institutions.

These lenders will apply standard tests, based on your family’s current income and debts, in order to decide the amount of money they will lend you. They will ask for information about your finances and make a thorough credit check, in order to be sure you are able to repay the loan.

How Much Can You Afford to Pay in Mortgage Payments?

Based on your Income:

Allow no more than 32% of your gross monthly income (before deductions) to make your monthly housing payments. This test of your ability to repay a mortgage loan is generally referred to as the Gross Debt Service Ratio. Complete the following calculation to determine the approximate amount you will be able to spend for the mortgage payment, the property taxes and, where applicable, 50% of the strata maintenance fees. Some lenders will require that this total maximum monthly payment also covers heating costs.

Your Gross Monthly Income   $______________
Spouse’s Gross Monthly Income  $______________
Other Income (Monthly)   $______________
Total Monthly Income   $______________
Multiply the TOTAL line above by 32% to calculate your: TOTAL MONTHLY MAXIMUM HOUSING PAYMENT $______________

Based on your Other Financial Obligations:

If you have other monthly financial obligations, such as car or credit card payments, the lending institution will also apply the Total Debt Service Ratio test to determine the maximum mortgage loan for which you qualify.

Complete the following calculation:

Your Monthly Housing Payment as calculated previously  $______________
Your Monthly Debt Payments (car, credit card, etc.)  $______________
TOTAL MONTHLY PAYMENT $______________

The total of your monthly housing payment added to your other monthly debt payments should not exceed 40% of your monthly gross income.

The Gross Debt Service Ratio and the Total Debt Service Ratio tests protect both you and the lender by ensuring that you do not take on more debt than you can reasonably afford to repay.

Many lending institutions will prequalify you for a specific size and type of mortgage loan before you begin searching for your new home. Taking the time to apply for a pre-approved mortgage will give you the security of knowing how much you can afford to spend.

Before concluding the loan agreement most lending institutions will require an appraisal of your selected property. The appraised value is a professional opinion of the value of the home and may differ from the purchase price you are willing to pay. The appraised value may affect the final size of the loan.