If you are renting and are thinking of buying, it may seem overwhelming. You may wonder if you can afford it, worry that you do not have enough down payment, you may not even know where to start. The following are some helpful tips to help you start the process.
There is a big difference between being Prequalified and being Pre-Approved.
Anyone can be pre-qualified. Being pre-approved means, a lender has taken a look at your financial information and they have let you know how much you can afford and how much they are willing to lend you. Being pre-approved will save you time and energy so that you are not looking around at houses you can not afford. It also gives you the opportunity to shop around for the best rates.
First Time Buyers Incentive Programs
The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First- Time Home Buyer Incentive for more details.
Find a Real Estate Professional You Trust
Once you have your pre-approval, you are ready to sit down with a Real Estate professional to discuss your “Must Haves” and you “Nice to Haves” when it comes to your future home. Your agent will start your search for you based on your desires. You will go out and look at homes until you walk into “the one”, and you will know it when you see it! Your agent will help you prepare an offer on the property and negotiate the best terms in your favour.
Factor in Closing Costs
Aside from your down payment, you will need to factor in closing costs. Plan for approximately 1.5% of the price of your home. There will be lawyers costs, land transfer tax, home appraisal and inspection, title insurance etc..
Don’t let the thought of owning your own home scare you. Even if you don’t feel ready today, with a goal and a plan to reach that goal, it is possible! I can help you navigate the steps you need to take to make the dream a reality. If you have any questions at all, I would be happy to sit down with you and get you started on the road that will lead you to your first home.
345 Steeles Ave E, Milton, ON L9T 3G6
647.407.5540 | [email protected]