What Size Mortgage Can You Afford?
The first thing any prospective homebuyer needs to do is determine whether they can afford to buy the home they want.
A down payment of 20 percent or more will qualify you for a conventional mortgage. If it is less than 20 percent, the mortgage must be insured with a mortgage insurance company.
Once you’ve determined how much you can afford to put towards a down payment, it’s time to approach a qualified mortgage planner to discuss mortgage options available to you, and create a mortgage strategy that you can afford, and meets your specific needs and goals.