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Buying A House in Canada: A Guide to Buying Your First Home. 🏠
✔Save for a Down Payment and Other Expenses: In general, the larger your down payment, the easier it is to obtain a mortgage.
✔Save For Closing Costs: While saving for a down payment should be a top priority, put aside some money (generally 1.5 to 4% of the home purchase price) to cover future closing costs.
✔Prepare Your Finances: This process will help you estimate how much you can afford to buy, as well as organize critical documents required to support a mortgage application.
✔Check Your Credit Score: Checking your credit rating allows you to see where you fall on the scale and figure out how to improve your credit score before submitting a mortgage application.
✔Organize Your Documentation: Having all required documents handy is a house-hunting hack – it will ultimately prevent you from scrambling to get your act together at the last minute.
✔Get a Mortgage Pre-Approval: With your finances in order, the next step is to figure out how much you can afford. A mortgage calculator is a good place to start, as you can factor in the amount of your down payment, your amortization (repayment) schedule, total selling price, and so forth to come up with a budget.
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