Owning your own home is an accomplishment that can provide financial security, flexibility and stability. But buying a home is one of the biggest emotional and financial decisions you’ll ever make, so it’s a good idea to consider all the realities and prepare yourself to make informed decisions.

First, you’ll need to know how much house you can afford while still being able to maintain a comfortable lifestyle. Exceeding an appropriate amount for house payments can cause financial stress and take money away from other priorities, like building future retirement savings. Keeping your monthly housing costs within what you can reasonably afford can help you avoid this. Also, consider the maximum debt load you can comfortably carry, ensuring that monthly commitments, including your mortgage and all other loans, stay under the recommended guidelines of your gross monthly income.

You will also need to prepare for all the other costs of home ownership. Additional fees for home inspections, appraisals, and legal services add up quickly. On top of that, there are many closing costs to consider, including land title transfer and moving costs, not to mention the ongoing cost of property taxes, utilities and maintenance.

And surely you’ll have questions about the best way to finance your home between a down payment and mortgage, or whether you should take advantage of government programs like the Home Buyers’ Plan. Our mortgage planning specialists will look at your current situation and after determining how much house you can afford, will also help you understand the different payment options and which is right for you.

Being a homeowner is something to be proud of, but it also means investing money, time and energy. So before you decide to buy a home or renovate your existing space, we will make sure you have the right information to make the best choices.