3 Steps to Launch the Homebuying Process
1. Get your financial ducks in a row.
Calculate how much money you have in savings and assets, your total annual income, your debts and other expenses. Determine how much money you can allocate toward a down payment, closing costs and expenses. Check your credit report and correct any errors. If your credit score is lower than you’d like it to be, consult with a financial adviser about how to improve that number.
2. Determine how much house you can afford.
As a general rule of thumb, Canada Mortgage and Housing Corporation recommends that your housing costs (mortgage and other home-related expenses) should be at or under 35 per cent of your monthly household income. Get a mortgage pre-approval to determine exactly how much mortgage you’ll qualify for, and to lock in your interest rate for up to 120 days.
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It’s important that you keep an open mind and look at a wide range of properties. Go to open houses. Cruise the Internet. Peruse different neighbourhoods. As a real estate agents, we can help by finding properties that match as many of your “wants” and “needs” as possible. When you fall in love with a property and are ready to make it official, we can help you navigate the process, from making an offer to closing the deal.
For more advice on how to prepare to buy a home, contact us today! We can help you through every step of the process.