In today’s market it’s tempting to max out your debt levels in order to get a mortgage at today’s low rates. There are many things to consider before taking this leap in order to ensure future prosperity. People who are renting for $1,500 a month cannot necessarily afford a $1,500 mortgage as there are extra costs that come along with home ownership (i.e., property taxes, heating, condo fees, etc…).
Home buying | Toronto Star file photo
Read the following article here for more information on all the factors you should be considering while making your budget for buying a home. Canada Mortgage and Housing Corporation (CMHC) also has some great home buying tools, including a household budget calculator. This tool allows you to compare your income with your current debt and planned expenses, in order to figure out a mortgage you can easily fit into your budget.
If you need any more information, contact The Mortgage Centre KW today at 519-743-4365 or [email protected].
Richard Kitts, AMP
President/Mortgage Broker | Tristar Funding Corporation o/a The Mortgage Centre
Licence Number: M08002010