I'm a first-time home buyer. How do I know how much I can afford?

Go to my website and check out my calculators. Play with them and you'll get a close answer, however ALWAYS speak to your lender.

Get in touch with the Agent (Broker-Realtor) that will help you to find your Home. The Agent will help you to get your pre-approval of a mortgage and it is valid between 30 to 90 days!

Please call Realtor. I work with very responsible mortgage broker who can help you out.
(416) 827-2614

Get in touch with your Realtor or Mortgage Agent, they will figure it out for you.

simple simple simple...get pre-approved for a loan and speak to an agent.

call Brad Vokins mobile mortgage specialist from Royal Bank
289.385.0406

He will preapprove you for the amount you qualify for and give you a great rate.

Speak to a mortgage specialist!

If you would like to do some preliminary research with respects to simple mortgage and affordability then please click on the link below as this calculator will help in guiding you.

http://www.mytorontorealty.com/mortgagecalculator

Here is the CMHC Calculator as well.

http://www.mytorontorealty.com/cmhccalculator

Good question and sensible. I have had a lot of experience working with first time home buyers and many are unprepared and surprised when they find out that they could afford much more or in some cases, much less. Sit down with a full time Realtor who will explain the process to you and go through all associated costs involved. Work out all the numbers with your Realtor or a mortgage specialist so you have a clear picture of what your monthly costs will be and your debt load that you will be carrying. Be sure you understand the value of the house today, potential value in years to come and future earning power. Be careful not to burden yourself with too much initial debt that will not let you enjoy your current lifestyle.

Buying a home is one of the biggest financial decision and for a first time home buyer affordability is the most important issue.You can check the website www.cmhc.ca as this site has easy to use mortgage tools to help you establish your financial situation, determine how much house you can afford and the maximum price that you should be considering.

You can find out how much you can afford by either speaking to a financial services representative (i.e. Mortgage Specialist) or you can do it yourself by completing a mortgage payment calculator (like the one available on my Website)
However, even after you have been pre-qualified I would always recommend including a condition of financing when making an offer to purchase a home.

A mortgage calculator will get you a rough estimate but if you want to get your ducks in a row before you start the whole process you need to find a mortgage broker. They will not only break it down and give you a top end amount but will advise you as to how high you should go as a first time buyer. Just cause a calculator says you can afford this much does not mean it is full speed ahead at that amount. There are many things that will help to decide what dollar figure is your shopping target.
Are you looking at any new transportation in the short term?
Is your family going to grow?(kids)
Do you want a variable rate or a fixed rate?
Is your current employment going to be steady with expected raises coming?
Will you need to furnish your new home?
Will your new home need any major repairs in the short term?
Do you like to travel?
What type of employment do you have and how much income, if any can be used to qualify you.
Part time or self employeed can have some restrictions to allow its use in the calculations.
Many things come into play in making a decision. A mortgage broker can give you a more accurate number to work with.
Keep in mind that they get paid based on the amount of mortgage so likely you will want to know your top amount that you qualify for and then shop under that unless you are shortly going to have a large increase in income.
Good luck in your first purchase and if you want to know anything more about the process feel free to stop by my web site and I have some great information on first time buyers along with a calculator that shows if renting or buying is better for you.
Darcy

Hi,
Lets talk & put your details together.
Depending on such factors of your income, credit & your comfort level; we can figure out how much you can afford.
I can have you pre-approved for financing in writing from lenders within hours.
It only take a call get find out exactly where you stand
Cheers

Peter K. Yeung AMP-BROKER
Accredited Mortgage Professional
Voted “Top Mortgage Broker” by Metro News
Broker # M08000585 - Brokerage # 10464
416-466-0033
pyeung@rmabroker.ca
Real Mortgage Associates Inc.
peter@ariesenterprise.com
www.ariesenterprise.com

Some very good advice above. Keep in mind, however, there is a difference in how much a financial institution will lend you for a home, and how much you can actually afford. Sometimes a "calculator" or "lender" will tell you, based on your income, debt, credit score, etc, that you can afford a house worth $4xx,xxx, but in reality, based on your spending habits, you may only be able to afford a house worth $3xx,xxx. A good financial/mortgage expert will not only help you figure out how much a financial institution will lend you, but also what you'll be comfortable spending each month and what you can AFFORD.

Good luck!

All the answers above offer great advice. If you would like to know more detail about your situation in Particular, it is best to speak with a Mortgage Professional. A Mortgage Broker such as myself will give you the best options for your situation.

I'll show you how I save my clients $78000 on average and I can do the same for you. 99% of Mortgage Professionals don't use this tool. I do. Contact me and I'll be more than happy to meet you and show you everything you need to know

As a first-time homebuyer, I would highly recommend talking to an RBC Mortgage Specialist. He/She will be able to pre-qualify you and tell you how much you can afford. They can also help guide you through the process of buying your first home and even recommend other professionals, such as lawyers and realtors that you can trust.

For a list of mortgage specialists in your area: https://mortgage.rbc.com/

Buying your first home can be scary but we can help you through it by giving you the right advice so you can make an informed decision.