One of the first steps to buying a house is figuring out an affordable mortgage. Use our budget calculator and live like a homeowner with a mortgage payment

Monthly Savings Tip #11

This month's focus:

Set a budget and live like a new homeowner


Live like a homeowner this month!

Last month, we had Selling Later members meet with a lender or home counsellor to understand what you can afford.   This month, set a budget to live as if you were paying your new mortgage payment.  At the end of the month, ask yourself how it went.  Were you able to live comfortably on this new budget, or do you need to consider lowering how much you will be spending on your new home?

Test out your budget

 

Friendly reminder

If your down payment is less than 20% of the mortgage value, you will have to pay PMI (private mortgage insurance).   You will have to pay this until you have at least 20% equity in your home.  While the mortgage service is required to drop the PMI once you hit 22% equity, be proactive and start the process once you hit 20% to save money

 

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