Purchase

1. Understanding the Home Purchase Process

Step-by-Step Guide:

  • Pre-approval: Importance of securing pre-approval for a mortgage.

  • Searching for a Home: Tips on finding the right property within your budget.

  • Making an Offer: How to make an offer and negotiations.

  • Closing: Understanding closing costs and what to expect.

2. Mortgage Options for Home Buyers

  • Fixed vs. Variable Rates: The difference between these two and which may be right for you.

  • Down Payment Requirements: Minimum down payment for various property prices and programs.

  • First-Time Home Buyer Programs: Information on incentives like the First-Time Home Buyer Incentive (FTHBI) or RRSP Home Buyers’ Plan.

3. Understanding Your Budget and Affordability

  • What Can You Afford?: How to calculate your affordability based on income, debts, and other financial factors.

  • Mortgage Stress Test: Explaining Canada’s stress test and how it affects the amount you can borrow.

  • Hidden Costs: Aside from the down payment, what other costs should be considered (insurance, closing costs, etc.)?

4. Tips for First-Time Buyers

  • How to Choose the Right Mortgage: Explaining the types of mortgages available for first-time buyers and how to select the best one.

  • Mortgage Pre-Approval: Why pre-approval is crucial in the home buying process.

  • Government Programs: Details on government assistance programs and how they can help with purchasing.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.