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.