Home buying step by step – Step 2

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source: CMHC Canada Mortgage and Housing Corporation

 

Home buying step by step – Are you financially ready?

Home Buying Step by Step – Step 2 Are You Financially Ready

How can you know if you are financially ready to become a homeowner?

This step guides you through some simple calculations to figure out your current financial situation, and the maximum home price that you should consider.

How Much are You Spending Now?

Calculate Your Household Expenses

Start figuring out your financial readiness by evaluating your present household budget. How much are you spending each month? Knowing exactly how much, will give you a better idea about whether you can afford to become a homeowner.

The Current Household Budget worksheet helps you take a realistic look at your current monthly expenses.

Or, you may also use the CMHC Household Budget Calculator to complete your current household budget now.

Please visit the CMHC to continue with your affordability calculations, which include such things as:

Calculating Your Monthly Debt Payments

Calculating Your Total Monthly Expenses

and many more tools that were help you determine your affordability levels and how much you can afford to borrow.

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2 thoughts on “Home buying step by step – Step 2

  • Pingback: Home buying step by step – Step 2 « Trusterra Mortgage | Mortgage

  • October 16, 2012 at 7:05 am
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    marxistharpist / October 30, 2011 As a mortgage brkoer, you can make money two ways. The first way is through closing costs, the other is by yield spread. By offering a higher interest rate to the borrower, the bank actually pays you. That’s why you have zero closing cost loans, because they just bump up the interest rate and get paid that way. 6.5% is par pretty much everywhere right now, it might be that, because of some overlay that the best rate available to you is 6.75 and the company offering 6.5 has missed it. The best thing you can do with mortgages is shop around, find something that you are comfortable with and make sure you are getting what you want.

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