Before you start your search for a home, you need to know how much you can afford.  You would typically meet with a mortgage adviser and be asked to fill out an application.  Based on your income, credit report, debt and savings, you would be pre-approved for a certain amount.  You will need a minimum of a 5% down payment of the purchase price of the home.  If the home is >$500,000, you will need a 10% down payment for that portion over $500,000 and less than... [read more]