Posted On Jan 20, 2026

Buying a home—whether it’s your first home or the move from a starter home to a forever home—is often framed as a math problem.

Do you have enough down payment?
Do your debt-servicing ratios fit?
Will the bank approve you?

Those things matter. But they’re only part of the story.

Being technically ready and being truly ready are not always the same thing—and understanding the difference can be the key to a confident, comfortable homeownership experience.

Being “Technically” Ready

From a lender’s perspective, readiness is largely numbers-driven.

You are considered technically ready when:

  • You have sufficient down payment

  • Your debt-servicing ratios (basically the percentage of your income that goes towards paying debts) fit within lending guidelines

  • Your credit profile meets minimum standards

  • You qualify under the mortgage stress test

At this stage, the focus is eligibility: Can you be approved?

A-Lenders vs. B-Lenders: More Than One Path

It’s also important to know that not all lenders apply the same standards.

  • A-lenders (banks and major institutions) follow strict income and ratio rules

  • B-lenders allow more flexibility around income sources, debt ratios, and employment structure

This means that even if you don’t qualify under traditional A-lender rules, there may still be responsible, viable options available—often as a stepping stone rather than a permanent solution.

Approval isn’t always binary. There are shades of grey.   But it’s still numbers driven.

What the Stress Test Is For?

The mortgage stress test often feels like a frustrating hurdle, but its purpose is important.

It is designed to test whether you could still afford your home if:

  • Interest rates rise

  • Payment increases

In short, it’s meant to protect borrowers from future rate increases—not to reflect today’s reality perfectly.

Passing the stress test means you’re resilient - on paper.

But paper resilience isn’t the same as real-life resilience.

Being Truly Ready Goes Beyond the Numbers

This may sound unusual coming from someone who makes a living helping people buy and finance homes—but real readiness goes beyond approval.

Much further.

The Most Important Question Isn’t About Rates

The most important question is:

How confident are you in your ability to generate income (and make payments) over time?

Especially today, this matters more than ever.

We are living in a world where:

  • Job losses and restructurings are common—and often unrelated to performance

  • Entire industries are affected by global trade tensions and economic shifts and technology changes

  • Career paths are no longer straight lines

  • More people are self-employed, contract-based, or entrepreneurial

Employment stability no longer means “I’ve been here for 10 years.”
It means confidence in adaptability.

Stability vs. the Ability to Pivot

Being truly ready usually means one (or more) of the following:

  • You feel confident in your current role and industry

  • You have transferable skills that allow you to pivot if needed

  • You run a business or generate income in multiple ways

  • You have sufficient savings, assets, or flexibility that buy you time if income changes

  • You’ve thought through “what if” scenarios—and don’t panic at them

The numbers today may look perfect.

But if a job loss, contract change, or income interruption would immediately create stress, then timing deserves careful thought.

That doesn’t mean don’t buy.
It means buy with eyes open.

It might even mean buy less than what the numbers say you can afford today

Approval Gets You the House. Confidence Lets You Keep It.

Mortgage approval answers the question:

“Can you buy this home?”

True readiness answers a different one:

“Can you stay comfortable here if life changes?”

When you have both:

  • Solid numbers and

  • Confidence in your income stability or ability to pivot

That’s when homeownership feels empowering—not stressful.

Final Thought

Buying a home should not be about stretching to the maximum simply because the math allows it.

It should be about:

  • Sustainability

  • Flexibility

  • Peace of mind

If you’re technically ready, that’s a great first step.

If you’re technically ready and confident in your ability to navigate change—
then you’re really ready.

And that’s the kind of readiness that leads to long-term success in homeownership.

Let's connect!

Ready to discuss if you're really ready?

  • Call/text:  416 801-6616. Email: Domenic@BetterMortgagesByDom.ca

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