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Home Buying Step by Step - Step Two, Finances

Starfish The Gray Team Ucluelet Real Estate

These articles were posted by the Canada Mortgage and Housing Corporation (CMHC).  They provide research and resources for mortgage and housing related topics and offer advice and tips for consumers.

This is a 5 article series on the process of becoming a home owner.  All articles and media were taken from the CMHC website.

Step 2 - Are you financially ready?

How can you know if you are financially ready to become a homeowner?

This step guides you through some simple calculations to figure out your current financial situation, and the maximum home price that you should consider.

How Much are You Spending Now?

Calculate Your Household Expenses

Start figuring out your financial readiness by evaluating your present. How much are you spending each month? Knowing exactly how much, will give you a better idea about whether you can afford to become a homeowner.

The Current Household Budget worksheet helps you take a realistic look at your current monthly expenses.

Or, you may also use the CMHC Household Budget Calculator to complete your current household budget now.

CLICK HERE TO READ THE FULL ARTICLE and learn how you can calculate your monthly debt payments, and living costs, and to see how much you can afford.

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