How to Know If You Are Ready for a Mortgage in Winnipeg

April 30, 2018 | Posted by:

Winnipeg Mortgage

It's the question everyone inevitbaly asks themselves, 'Am I ready for a mortgage?'. Like the decision to get married, or have kids, it may seem like there are other pieces of the puzzle that need to be put into place before the step is made, but as with the two comparisons, waiting too long can also result in opportunity lost. Thankfully, the decision can be made easier by looking at a set of qualifiers, so to speak.

4 Things That Will Tell You That You're Ready to Enter Into a Mortgage in Winnipeg MB

1. You Have Enough for a Downpayment (but not what you think)

You're going to need something significant for a downpayment. It may require some help from family, or you may need to tap into your equity elsewhere, but of course, the more you have the easier the prospect becomes. That being said, one of the biggest myths about mortgages, is that you need an almighty 20 percent downpayment to get a good rate. You don't. There are a good number of competitive rates on the Winnipeg market, with local lenders who are eager to approve loans for low risk individuals and households. Now these rates (for those with less that 20%) may not be advertised in your local paper, so connecting with the right independant broker, who has access to these unpublished rates will be instrumental in your ability to move forward. Let's talk.

2. You Have the Monthly Funds for the Whole Mortgage Payment Picture

Fill out a quick mortgage application. This non-commital part of the process will paint a picture of what you can afford, including what your monthly mortgage payment will look like. This picture, will need to be expanded to include other considerations, including insurance, property tax, and if you are considering a condo mortgage you'll have to factor in monthly strata fees too. The monthly cost of having a baby includes more than formula and diapers, and the cost of owning a home is more than the direct mortgage payment. Work it all into the monthly equation (even if not directly a part of your mortgage) so that you can take the next step with a very defined monthly financial plan. These mortage calculators will help.

3. The Current and Foreseeable Real Estate Market

To be honest, in some markets across Canada, it can be darn near impossible to make a reasonable prediction about the value of real estate. But Winnipeg is a different story, today's headlines included. If you’re a first-time buyer looking for a home in Canada, Winnipeg is a great place to start, with 2018 reports showing that new home buyer’s money goes further in our great city more than other major Canadian counterparts. New residential construction developments continue to rise (2017 was a banner year), giving you options that accommodate your budget and personal tastes. But what's better, is that Winnipeg real estate trends are historically isolated from much of seesawing we all see across the country. There are few surprises when it comes to buying and owning a home in Winnipeg, and when it comes to those on the fence about entering into that first mortgage, there could be no sweeter news to hear.

4. Is Winnipeg the Home for You?

This may seem like an obvious question to ask yourself at this point in the game, but be honest. Is there a reasonable chance that your career (or budding relationship) can have you shipping off to another side of the country? And if so, would you be able to maintain your Winnipeg home as an investment or vacation property? It's good to take stock of any and all scenarios here. For instance, if you left your job today (for whatever reason) would the local market sustain your career aspirations, or would you have to start looking to Ontario (etc.)? Bottom line, if you stand proud among the 825,700 Winnipeg (and counting) population and plan on keeping it that way, you're one big step closer to staking your claim with a home to call your own.


If you're ready to take the next step, or you have some more questions about entering into a mortgage, I encourage you to contact me for a casual conversation about what a mortgage would look like for you. Call me at today, or complete the form found here.

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