Are you financially ready to own a home? Look into these 5 calculations and questions before you meet with your broker or lender.

1. Compare how much you currently spend on expenses and debt payments with the amount you have saved or invested.
2. How much can you afford to spend on housing each month without risking your financial health?
3. How much do you need to save to pay for the upfront costs of buying a home?

   Upfront costs include:

   • the down payment
   • home inspection and appraisal fees
   • insurance costs
   • land registration fees
   • prepaid property taxes or utility bills (the buyer reimburses the seller or builder)
   • legal or notary fees
   • potential repairs or renovations
   • moving costs
   • GST/HST/QST on a newly built house or mortgage loan insurance
4. How much would you be spending each month with homeownership expenses added to your current financial situation?
5. What is your credit score? You can demonstrate your ability to consistently pay bills and debts with a copy of your credit report.

SOURCE: cmhc