Buying a home at the top of your approved budget could lead to many dull years of sacrificing other financial goals to afford housing costs. Total housing costs, including taxes, utilities and maintenance, should not exceed 35% of total income to avoid being "house poor". A budget that allocates 10% to housing, 15% to transportation, 15% to living expenses, 25% to debt repayment, and 35% to savings can help people afford a home while staying "life rich".

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Buying at the top end of your pre-approval price could
be setting you up for many dull years to follow.
WHY?????
BECAUSE, YOUR HOME COST IS MORE
THAN JUST A MORTGAGE PAYMENT.
There are property taxes, maintenance, utilities and more due
every month. If those add up to 35% of your total income, you’re
on the right track.
If not you might have to sacrifice in other categories such as
vacation, debt repayment or savings. Take a look at the pie chart
to see how you can be life rich instead of house poor!
BE LIFE RICH,
NOT HOUSE POOR!
HERE’S A GREAT GUIDE TO A BUDGET.
EACH SECTION INCLUDES.
HOUSING. mortgage, taxes, gas, etc.
TRANSIT. car payments, transit passes, gas
LIFE. food, vacations, fun, medical, childcare
DEBT. payments to credit card, credit lines
SAVINGS. long term saving
Source: www.gailvazoxlade.com
10%
15%
15%
25%
35%
HousingLife
Transportation
Debt
Repayment
Savings
HOUSI
N
G LI
FE
DEBT
SAVINGS
TRANSITNEED HELP FITTING A HOME INTO YOUR BUDGET?
CALL ME FOR HELP TODAY!
Jeff Steinmetz
Mortgage Agent M15000314
P 226-666-7301 x 108 C 519-717-6568
F (888) 908-7029
110 Frobisher Drive, Unit 3
Waterloo Ontario N2V 2G7
jeff.steinmetz@mortgageingenuity.ca Mortgage Ingenuity Mortgage Architects
http://www.mortgagearchitects.ca/Sites/Jeffrey-Steinmetz/ Brokerage #12468