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British Columbia, Canada - Have you been renting for a long time? Haven't the thought of owning a home occurred to you?

Shelter as we all agree is the most basic need in human's existence. In fact, regardless if you rent or own your home, you are putting nevertheless a portion of your hard-earned income to meet our dwelling need. That is why, more people are still fascinated with the idea of home ownership. Not to mention, the leverage and advantage of getting top dollar value through home equity, putting the home owner in a better position as far as buying power is concerned. 

Before one initiates looking for a home, purchasers are advised to look at their financial health. Asking the following questions: "How much can i/we afford? How's my credit score? Assets? Liabilities? What are the financing options available?"  

Here's an exciting opportunity for would-be first-time buyers:

Did you know that you can borrow up to $20,000 worth of your RRSP (Registered Retirement Savings Plan), if eligible, to use as down payment? Each borrower is entitled to this maximum amount. So, if this amount is applied, the difference of this downpayment from the purchase price shall be the loanable amount (first mortgage- home purchase) based on approved credit and qualification.

Another interesting aspect of home purchasing at this point, is the fact that the amortization can now be extended from 25 years to any of the following number of years: 30 years, 35 years, and even up to 40 years, again based on approved credit and qualification.

What does this mean to the home buyers? Well, this indicates that payments (monthly, bi-weekly or weekly) have become more affordable and convenient on the part of the homeowners.