For the first-time home buyer, it can already be difficult to understand and get around all of the different rules and regulations of getting a mortgage. All you need to know is that anything with a good plan should not deter you from purchasing your dream home. Understanding your financial situation is probably the biggest key in knowing whether or not you can afford to buy a home. Whether or not the Bank of Canada says you can or you can't, it's really up to you, the consumer, to know what you can actually afford. So how do you do that?

1. Put Together a Budget

If you don't know how to put together a budget, there are a lot of places you can go to online to find a personal budget spreadsheet you can put things into so you understand what your spending habits are.

2. Talk to a Professional

Whether it's a Financial Planner, a Mortgage Specialist or a Mortgage Broker like ourselves, we can sit down with you and help you make a plan on how to buy your home. Maybe not today, but for the future. Put that plan in place and make sure you work that plan so that way home ownership can be a dream come true for you.

3. Always Save

Your job is to save as much money as you can between now and the time you're looking to purchase. Make sure you put that little bit away, whether it's five, ten or fifteen percent of your income into a bank account or RSP that's going to make your money work for you and help you grow that faster.

One last piece of advice. Don't let peer pressure get to you. You may not be able to buy today, so don't get in over your head. You should definitely look into talking to somebody to make sure you're at the right time and the right place to purchase the house that fits your budget and your personal needs


 At RE/MAX Condos Plus    we can help out, by providing a mortgage service with our real estate service - all under one roof.  YourMortgageYourWay The Mortgage Centre has representatives    working out of all our offices which helps streamline the buying process for all of our clients. This service is available not just for buyers but for any property owner who needs to refinance or renew their mortgage. 

If you would like a confidential meeting to discuss your mortgage needs, call:  416-640-0930. To check out the latest mortgage rates, make a mortgage application, or to learn more  click here.