Mortgage affordability has become an increasingly important topic in Canada. As real estate prices have skyrocketed over the past decade, it’s become more challenging for Canadians to afford a home without taking on a large mortgage. This can be daunting and leave people feeling stuck regarding homeownership.

Fortunately, some steps can be taken to make mortgages more affordable. One option is to work with a mortgage financing brokerage like Blue Diamond Capital. Blue Diamond Capital is dedicated to helping Canadians secure competitive mortgage rates, so they can use the money saved toward their real estate purchase or other investments. They also offer personalized advice and support so clients can make informed financial decisions.

Another way to make mortgages more manageable is by knowing how much of your monthly income you should spend on debt payments—including your mortgage payment—and then sticking to that budget. This will help ensure you don’t overextend yourself financially and that you can pay off your debts on time each month.

In addition, the federal government offers some assistance for Canadians hoping to buy or refinance their homes with lower-priced mortgages. CMHC (Canadian Mortgage and Housing Corporation) offers mortgage insurance that covers up to 95% of your home’s value if you default on the loan, making it easier for borrowers with bad credit or low incomes to qualify for a loan with a lower interest rate and better terms.

Finally, taking advantage of pre-payment privileges can also help reduce the amount of interest paid over the life of the loan, further increasing affordability. With pre-payment privileges, borrowers can pay off more than just the regular payment amounts whenever possible, reducing their overall repayment costs in the long run.

Mortgage affordability doesn’t have to be an overwhelming task—with some research, planning and professional guidance like what Blue Diamond Capital provides, homeownership can be within reach for many Canadians this year!