A successful buyer often learns about new homes for sale before other buyers. The hottest homes are often secured by buyers before they ever reach MLS and now you too can be part of my FREE V.I.P. Home Hunter Service and learn before other buyers about homes that match your home buying criteria. Save time and money. Let me do the searching for you with my FREE – NO OBLIGATION HOME FINDER SERVICE.
Canada Mortgage and Housing Corporation (CMHC) as a step-by-step guide for home buyers. Get the CMHC Home Buyer Guide HERE.
How Much Can You Afford
Affordability Rule #1
Your monthly housing costs shouldn’t be more than 32% of your gross monthly income. Housing costs include your monthly mortgage payments (principal and interest), property taxes and heating expenses. This is known as PITH for short — Principal, Interest, Taxes and Heating.
Affordability Rule #2
Your total monthly debt load (debt payments)should not be more than 40% of your gross monthly income. Your entire monthly debt load includes your housing costs (Principal, Interest, Taxes, Heating) plus all your other debt payments (car loans or leases, credit card payments, lines of credit payments, etc). You can calculate your total monthly debt payments using the form found on this CMHC site. This figure is called your Total Debt Service (TDS) ratio.
Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% — with interest rates comparable to those with a 20% down payment. Find out how much CMHC mortgage loan insurance costs here.
Speak to a mortgage advisor in advance of house hunting. If you need help in locating mortgage advisors contact me. I can provide you with the names of many professionals who can assist you with planning for your mortgage as well as those providing some of the best rates available.
Actual mortgage payments must come from your mortgage holder. Get an estimate of mortgage payments with this mortgage calculator.
View some of the current mortgage rates here. For more information on mortgage advisors and brokers contact me.
The CMHC Homebuying Step by Step guide provides the information you need to make a wise home buying decision. From deciding to buy to unpacking the boxes on move in day, this guide provides an easy to understand overview for home buyers.
First Time Home Buyer Guarantee
I specialize in helping All My Home Buyers purchase the home of their dreams, but I also understand some of the challenges the first time buyer faces and I go a step further by guaranteeing my home buyer services to You the First Time Buyer with a Savings Guarantee. Get the First Time Buyer Guarantee details.
I set myself apart from other agents by offering my buyers a unique and unparalleled Buyer Satisfaction Guarantee. If you become dissatisfied with the home you purchased within six months after your purchase date, I’ll waive my commission to sell it for you and find you a home that is satisfactory to you.