Before pursuing homeownership, it's essential to assess your financial situation and understand mortgage qualifications. Key factors include stable income, monthly expenses, savings for a down payment, and credit score. In Canada, the minimum down payment is 5% for homes under $500,000. Calculating affordability involves understanding Gross Debt Service (GDS) and Total Debt Service (TDS) ratios. Pre-approval is crucial for budgeting and competitiveness in the market. Final steps include property appraisal and legal assistance for closing the deal.