All across Canada, there are millions of people looking to buy a home – either now or in the future.  Over the last few years, lower interest rates have come along, making it more affordable than ever to buy a home.  When most people stop and give it some thought – buying a home makes a lot more sense than renting a home or an apartment.  Unfortunately, some people are unable to secure a mortgage due to blemished credit or low down payment but you already know you don’t need to let that stop you.

You’ll know your ready to buy a home when you know exactly how much you can afford, and you’re willing to stick to your budget.  When you buy a home and get your monthly mortgage payment, it shouldn’t be any more than 25% of your total monthly income.  Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so – but stick to your budget instead.  You should always stay within the boundaries of what you can afford.

Keep in mind that there is always more money involved with a home other than the mortgage payment or a Lease-to-own payment.  You also have to pay for utilities, homeowners insurance, property taxes, and maintenance.  Owning and caring for a home requires a lot of responsibility.  If you’ve never owned a home before, it can take a bit of time to get used to.

Like Lease-to-own, buying a home requires  quite a commitment on your behalf but the rewards far outweight the trouble.