Every renter who says they can't possibly take on the responsibility of a mortgage is wrong. They are already making a monthly mortgage payment. It just happens to be their landlord and it's the landlord who is building up equity in his property, not the person making the payments.

Almost any homeowner will tell you that the purchase of their new home was the best financial decision they ever made. Yet every day many prospective new home-owners fail to take the steps necessary to learn what they need to know in order to take that first step towards home ownership.

The examples noted below show how large a mortgage your current rent would support with a minimum downpayment of 5%. A larger downpayment may be required depending on the property location.