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Buying a home is an exciting moment in your life. Whether you're ready to start house hunting today, saving up for a down payment, or looking to downsize for retirement - we're here to help you on your house hunting journey. Here are a few helpful tips for anyone needing a mortgage.

Save for your down payment

It's important to start saving for your down payment well in advance. Most institutions require a minimum of 5% of the purchase price to consider you for a mortgage, but the more you've saved, the better. When you're ready to start putting money aside for a down payment, consider saving with an account that will earn you more, like a TFSA, which offers a great rate and access to your money when you are ready to buy!

Figure out what you can afford before you start house hunting

So you've decided to buy, but what's the first step? Logically it might seem obvious – make a wish list, determine your desired neighbourhood, start looking at options. However, the biggest favour you can do for yourself is to figure out how much you can afford before beginning your search for your dream home! By using a tool like our Mortgage Calculator, you can quickly determine everything from how much you can borrow to an approximate amortization schedule.

Get a mortgage pre-approval before you make an offer

Once you start house-hunting, you never know when you'll find the right home. Getting your mortgage pre-approved will make it quicker and easier to submit an offer when you're ready. Make an appointment with one of our mortgage specialists, or get the process started online. We're here to help every step of the way.

Take advantage of government incentives available to you

Did you know that the Government of Canada has established incentives that help make homeownership more affordable for Canadians? The First-Time Home Buyer Incentive can help you borrow 5 or 10% of the purchase price for your first down payment, while the Home Buyers' Plan allows you to take up to $35,000 of your RRSP to help finance your new home. Both options can help you transition to homeownership sooner but do make sure to do your research and only commit to incentives that are right for you.

Don't forget about your closing costs and other expenses

You've put in the offer; it's been accepted, now what? Don't forget that the home purchase price doesn't include things like home inspections or appraisals. It's crucial to consider these costs when you're making your budget. To make it easier to understand and be prepared for any additional costs, check out our Mortgage Closing Costs Guide.

Friday | September 4, 10:50 AM
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