Purchasing a home maybe be one of the biggest financial transactions you will make in your life and knowing how much you can afford should be on top of your mind. Lenders and insurance companies take few factors into consideration when assessing an applicant. The policies do vary from lender to lender and even insurance companied (i.e. CMHC, Sagen and Canada Guarantee). Let’s go through the basic variables that can affect how much you can afford for your next property purchase. Credit Score: Knowing your credit score and having good credit history makes a big difference when getting a mortgage.