Provided you ask the right questions of your local mortgage broker, they can help you find a home you can see yourself living in, at a price you can actually afford.

An exciting prospect for many, buying your first home can also be a time of great uncertainty and stress, and as one of the biggest financial decisions you may ever be likely to make, it’s little wonder that it’s a big deal for so many.

The amount that you can afford to put towards a down payment is arguably one of the single most important things to consider when buying a home. Affecting both the amount that you need to borrow, and the financing options available to you, a down payment is crucial for enabling you to buy the property of your choice.

In some Canadian cities, young homebuyers are finding themselves priced out of the market and unable to purchase a home without help from family members. In fact, a recent report shows that as many as 40% of parents have given their children financial assistance to buy a home.

When you receive your mortgage preapproval letter, the rate you’ve been quoted is known as a floating rate, meaning that it will rise and fall in line with the overall market.

If you’ve been unfortunate enough to go through a bankruptcy or consumer proposal, and need to apply for a mortgage loan to purchase a property, you’ll find that it might be a lot tougher than you anticipated.

Keeping in mind the fact that just because you find a home you want to buy, doesn’t mean that it’ll happen right away, or that it will happen at all, it really makes no sense to wait around.

Experienced mortgage brokers, financial advisors and even real estate agents will often recommend that their clients find a mortgage, before they start looking for a property to buy, and when you think about it, it makes perfect sense. After all, without the financial security of a mortgage, there’s a strong possibility that you won’t be getting a home at all.

With the ease at which people can view and purchase properties online nowadays, there really is no excuse for not shopping around when property hunting. After all, buying a home is a significant investment and settling for the first place you like the look of, could mean that you miss out on a better property, in a better area and at a better price. That said, there can be no substitute for viewing a property in person, no matter how many you look at virtually.

If you’re considering purchasing a property in Canada for rental purposes, you might be wondering whether it’s the smartest way to spend your money. While there are some very distinct advantages associated with buying to rent, it doesn’t come without its own risks.