Rikesh Shah and Karen Bhangoo with their kids Juliet and Oliver on their newly built deck in Toronto on June 25, 2020.

MELISSA TAIT/THE GLOBE AND MAIL

At Karen Bhangoo’s home in Toronto’s Etobicoke neighbourhood, there’s one proper workspace – and two adults working full-time since the start of the pandemic. Ms. Bhangoo and her husband have two children, ages 4 and 6. She’s spent many days hunched over her computer at one of their miniature desks, for lack of a better option.

There comes a time in every home owner’s life when they need to consider home repairs or would like to make improvements to their property (like add a swimming pool, renovate their kitchen, basement, or attic). However, these needs and dreams cost money, and if you’re still paying off the mortgage on your home, saving what little remains of your income for these expenses becomes a challenge. Moreover, you lose out on today’s low service charges as you are forced to delay your home renovation plans.

Once you’ve decided to buy your first home, there’s a good chance that you're planning to obtain a mortgage to finance the purchase. To most inexperienced buyers, the mortgage process can seem intimidating and complicated, but it doesn’t have to be.