If you were considering deciding to make the plunge to your homeownership, the original concern you should query are do you really manage they? If you’re $five-hundred,000 may get your a four bedroom home and you can 50 % of a keen acre off result in the fresh Atlantic provinces, within Toronto you’re certain simply for the latest condominium field. Exactly how far money becomes necessary getting a great $500K home loan into a condo?

The first step so you can undertaking your residence buying travels is always to rating a mortgage pre-approval. This is how your own mortgage lender can look within where you sit financially to greatly help make you a sense of simply how much mortgage you can afford and at exactly what interest rate.

What they do is actually check your earnings, the monthly expenses, what personal debt you have got, how much cash available for you for the down payment, plus various other registered and you can non-inserted savings you have. They use that it so you can determine the debt-to-money percentages which helps all of them determine what you really can afford.