Real Estate Blog

It is the perennial question for every first-time homeowner. How much house can I afford? As with so many life-changing decisions, there is no one right answer to this common query, and the size of the home you buy, and the mortgage you take out, will depend on several critical factors.


If you want to know how much home you can afford, you need to ask yourself the right questions. Even more importantly, you need to provide yourself with honest answers to those queries. Here are some things you should be asking as you get ready for the transition from renter to first-time home buyer. 


What is my current income?

Is that income secure, or is my job in jeopardy? Your ability to pay the mortgage will depend on visibility of income, making the answer to this question extremely critical. 


How much disposable income do I currently have?

How much of that disposable income can I devote to the costs of home ownership? Owning a home is more than paying the mortgage, and you will...

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For many Canadians looking to purchase a home, bad credit scores stand in the way of getting a mortgage. Most lenders prefer your score to be 650 or higher. If they do allow for lower credit scores, it is typically because the interest ratings on those loans are considerably higher.


If you want to get a good deal on a mortgage with low interest rates, the best thing you can do is to improve your credit score. Here are three ways you can do just that.


1. Check Your Report

The very first thing you need to do is check your credit report. You are allowed one free credit report per year, but some sites will allow you to purchase a full report at any time for a small fee.


Scan the report to see if there are any errors. You'd be surprised to find out most people do have errors on their credit report. It might be in the form of something you finished paying but was never removed, or something that isn't yours to begin with.


Once these errors are removed from your report, your credit rating might...

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