Most buyers are focused on how much home they qualify for rather than how much home they can afford comfortably. Buying a house using the maximum purchasing power can leave you “house poor,” struggling to make everyday expense payments. This may create an unnecessary financial strain affecting your health and quality of life. Shifting your focus from " How much house do I qualify for?” to “How much house can I comfortably afford?” protects both your financial health and lifestyle. A slight change in perspective may get you a house you can comfortably afford and preserve your standard of living.
Ask yourself:
A mortgage payment is only one part of owning a home. Additional expenses include:
And life doesn't stop because you've bought a house.
You still want room for vacations, unexpected expenses, changing circumstances, and the things that make life enjoyable.
A lender's approval amount can tell you what may be possible from a lending perspective.
It doesn't necessarily tell you what will feel comfortable in your day-to-day life.
The goal isn't simply to buy the most expensive home you qualify for. It's to buy a home you can live with comfortably.
For first-time buyers, what part of affordability is hardest to figure out?
Whether you are first-time buyer or an experienced buyer with excellent credit, The Mortgage Centre has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Learn MoreThrough training and certification, we have a good understanding of available products, features, and rates. We are here to keep your mortgage moving forward with our Mortgage Market technology, we have electronic access to various major lenders in Canada, so you’re not tied to one lender or one type of mortgage.
Learn MoreWe understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.
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