When Can A First Time Home Buyer Apply For A Mortgage (in Canada)?
Pull your own credit reports and go see a mortgage broker. You can get their opinion of how much you would be approved for. Likely it will be for more than you should borrow as interest rates are very low and could be a lot higher when you have to renegotiate. When you have an idea of what you will be approved for, talk to a realtor about what is available in your area under that amount. Then you will have an idea of the taxes and maybe other expenses. All the major banks have amortization tables that will tell you how much you will pay per month for various amounts over various periods. Play around with one for a while to find out how much extra payments matter in the early years. Think about the implications of buying property with a person to whom you are not married, check the law regarding this in your province. Pay attention to the insurance premium if you have less than 20% down, sometimes coming up with just a bit more money can be to your benefit.
