Understanding what you can afford

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The easiest way is to speak to a mortgage expert to get pre-approved. They will ask for your employment history, T4’s, investment statements and they will need to get your credit score. They will also need to know if you plan on using any RRSP’s or savings to put towards the purchase of the home. So, here’s a hint* having all these things ready ahead of time will speed up the process and they will also be important once you do decide on a financial product. Once you’ve been pre-approved for a certain amount, then can you start your home shopping.

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If you find that you’re reading this and you’re thinking “that all sounds great, but I don’t have a down payment or RRSPs to put towards a house”. That’s okay, there’s no time like the present to start saving. I still recommend getting pre-approved. This will be a good starting point and give you a realistic goal to work towards as far as what you need for a down payment. Then collaborating with a mortgage expert or a financial advisor, you can formulate a realistic savings plan to help you achieve your home ownership goals. Whether it’s opening a Tax-Free Savings Account (TFSA) or setting up an annuity so every pay cheque you are setting money aside, there are quite a few different options to help you save towards a down payment or maybe pay down some of your existing consumer debt.

All in all, the biggest takeaway I want you to have, is that home ownership is most certainly a possibility, and understanding affordability is key to successful financial management for your future. Have more questions, or are curious about what your affordability bracket is, contact your nearest mortgage expert.