{"id":57468,"date":"2021-03-29T15:19:00","date_gmt":"2021-03-29T15:19:00","guid":{"rendered":""},"modified":"2024-05-31T09:18:01","modified_gmt":"2024-05-31T13:18:01","slug":"mortgage-101-see-how-much-home-you-could-afford","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-see-how-much-home-you-could-afford\/","title":{"rendered":"Mortgage 101: See How Much Home You Could Afford"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\">\n\t\t\t\t\t\t\t<span>Home Ownership<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Mortgage 101: See How Much Home You Could Afford<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Person with a calculator\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-222.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Mortgage 101: See How Much Home You Could Afford &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-see-how-much-home-you-could-afford\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-see-how-much-home-you-could-afford\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published March 29, 2021 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>When it comes to life&#8217;s milestones, buying your first home is definitely one of the biggest. It&#8217;s exciting, overwhelming and a little terrifying all at the same time. That&#8217;s why it&#8217;s important to break it down into bite-size pieces \u2013 here, we outline the first phase of home ownership into three steps.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Step 1: Answer a few quick questions to prequalify<\/h2>\n\n\n\n<p>Like with any big purchase, you need to know what your budget is before you go out and buy. You&#8217;re not going to spend time looking at cars that are way outside your price range \u2026 Why spend the day at a luxury sports car dealership if your budget calls for a reliable compact?<\/p>\n\n\n\n<p>The same goes with buying a home. Without a clear idea of how much you can afford, you don&#8217;t know if that dream house in the country is within reach today, or if you should be looking at a smaller home to start with. <b><\/b><\/p>\n\n\n\n<p>This is where getting prequalified for a mortgage can really help, as it can give you a personalized estimate of how much you may be able to afford. By answering a few quick questions about your income, debts and expenses, you can set a realistic price range and start your search with a budget in mind.<\/p>\n\n\n\n<p>Try the <a href=\"https:\/\/apps.royalbank.com\/apps\/true-house-affordability?promo_name=ENT_HEF_DNL&amp;promo_id=265375&amp;promo_position=body1&amp;promo_creative=Mortgage 101: See How Much Home You Could Afford\">RBC True House Affordability tool<\/a><sup>*<\/sup> and get prequalified in just 60 seconds.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"True House Affordability Tour\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/7qmRvfdCnZk?feature=oembed&#038;rel=0\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: Get Pre-Approved<\/h3>\n\n\n\n<p>While a prequalification sets your initial budget and can start you in the right direction for your search, a mortgage pre-approval takes things to the next level. When you get pre-approved for a mortgage, a lender will make an actual commitment to loan you money (subject to some conditions). With a pre-approval, you know exactly how much you can afford so that if you find the perfect home, you&#8217;re able to act on it right away.<\/p>\n\n\n\n<p>On top of this important benefit, when you get pre-approved you can also gain the following advantages:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">Your rate will be locked in for 120 days and protected against increases if you choose a fixed rate mortgage (it can go lower if rates go down).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Real estate agents may take you more seriously because they&#8217;ll know you&#8217;re committed to buying a home.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You can save time by avoiding homes you know are outside your price range.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>When you make an offer, the seller may be more inclined to seriously consider it, knowing you have solid financial backing.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You will be in a position to create your long-term budget, as you&#8217;ll know your monthly mortgage payment amount.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Better yet, getting <a href=\"https:\/\/mortgage.rbc.com\/preapproval\/index.asp?promo_name=ENT_HEF_DNL&amp;promo_id=265375&amp;promo_position=body2&amp;promo_creative=Mortgage 101: See How Much Home You Could Afford\">pre-approved<\/a> comes with no cost to you, and you&#8217;re not obligated to follow through with the mortgage if things don&#8217;t work out.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 3: Dive deeper into your finances<\/h4>\n\n\n\n<p>Another benefit to going through a pre-approval is that it gives you a reason to take a closer look at your overall financial picture and how it will stand up to buying a new home. For instance, this process can help you understand:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default\">How much of a down payment you want (and can afford) to make<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your total household income<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your current debts (and the monthly payments that come with them), and your estimated monthly housing costs<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your current spending habits<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Remember, when it comes to buying a home, it all begins with knowing how much you can afford. Your time is precious, and knowing your budget can help you focus on the great spaces that are within your price range. You&#8217;ll be better set up to find the home that&#8217;s right for you when you&#8217;re armed with the right information. So, get started with a quick and easy prequalification to find out your price range and kick off this exciting milestone with confidence.<\/p>\n\n\n\n<div class=\"wp-block-group has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\" id=\"h-get-one-step-closer-to-home-ownership\">GET ONE STEP CLOSER TO HOME OWNERSHIP:<\/h4>\n\n\n\n<p>Start by seeing how much home you could afford so you can search for a home with confidence.<\/p>\n\n\n\n<p><a href=\"https:\/\/apps.royalbank.com\/apps\/true-house-affordability?promo_name=ENT_HEF_DNL&amp;promo_id=265375&amp;promo_position=callout&amp;promo_creative=Mortgage%20101:%20See%20How%20Much%20Home%20You%20Could%20Afford&amp;_gl=1*okg5o7*_gcl_au*Njk1NzExMjg3LjE3MTAyNjcwNjc.*_ga*OTIyMTM3MDUzLjE2NzU5NjE5MDc.*_ga_89NPCTDXQR*MTcxNTE5OTUxMS4xNTUuMS4xNzE1MjAxNzk3LjU5LjAuMA..&amp;_ga=2.66376430.1910878575.1715191997-922137053.1675961907\" data-dig-id=\"LP-57468-b92d1114\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Prequalify in 60 seconds\" class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\">Prequalify in 60 seconds<\/a><\/p>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p>*The True House Affordability Tool provides a prequalification, which gives you an estimate of the amount of mortgage you may qualify for with us based on the accuracy and completeness of the information provided by you. This prequalification is for illustrative and general information purposes only and is not intended to provide specific financial or other advice. Prequalification is not the same as a mortgage approval or pre-approval.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-58d230d1-c381-4ce9-b5ae-9ad88d9c8175\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Mortgage 101: See How Much Home You Could Afford &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-see-how-much-home-you-could-afford\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/mortgage-101-see-how-much-home-you-could-afford\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-724f5cc1-cef6-44a3-b3a5-083932308507\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/real-estate\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Real Estate<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A wooden toy house next to a notepad\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg 4928w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=300,199 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=768,509 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=1024,678 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=1536,1017 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/HOME-BUYING-_1.jpg?resize=2048,1356 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/\">\n\t\t\t\t\t\tBuying Your First Home\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-first-home\/how-much-money-do-you-really-need-to-buy-your-first-home-in-canada\/\" class=\"card-title h4 mar-t-0\">How much money do you really need to buy your first home in Canada?<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Happy young couple using a laptop and credit card in their first home\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg 6000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?resize=768,512 768w, 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/how-the-fhsa-and-lower-interest-rates-can-help-you-buy-your-first-home\/\" class=\"card-title h4 mar-t-0\">How the FHSA and Lower Interest Rates Can Help You Buy Your First Home<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-58d230d1-c381-4ce9-b5ae-9ad88d9c8175 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-58d230d1-c381-4ce9-b5ae-9ad88d9c8175 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-724f5cc1-cef6-44a3-b3a5-083932308507 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-724f5cc1-cef6-44a3-b3a5-083932308507 {\n\t\t\theight: 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