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Buying your first home is one of the most exciting times in your life – but can sometimes feel out of reach. We’re here for you with 6 steps to help you get started and ultimately purchase your first home!
Buying a home can be a sound investment, providing stability and the opportunity to build equity. Plus, it gives you the freedom to personalize your space. So go ahead paint that wall black! On the other hand, renting offers flexibility and less responsibility for maintenance.
Let’s explore your options and find out what works best for your current situation and future goals. We’re here to help you find what’s right for you!
How much do you need to save? It all depends on your budget and what you’re looking for in a home. It’s recommended to save between 5% and 20% of the property’s value.
There’s plenty of ways to save faster and the good news is that some programs can even help you save on taxes! Let’s explore these options and get you closer to owning your dream home.
Getting pre-approved is an essential step in the home buying journey. It helps you understand the price range of homes you can look at.
Keep in mind, what you can afford is not necessarily the same as the amount of mortgage you are qualified for. Start by making a personal budget then look at different scenarios with our mortgage calculator.
Got your downpayment saved? Now let’s learn about what mortgage is right for you! Whether you’re looking for payment flexibility, not too worried about interest rate fluctuations or love the idea of making extra payments, there’s a mortgage out there that's right for you! Let’s explore your options and discover what works best for your unique needs.
It’s now time to put down an offer. Working with your realtor, they’ll be able to walk you through the right steps. Since this is a legal document, they have the expertise to ensure all details are included.
Here’s some things to remember:
In the meantime let's understand the cost of homeownership.
Congratulations! You’ve just purchased your new home! Now you’ll need to share the following with your mortgage specialist: offer to purchase, MLS listing, removal of conditions and the contact information of the lawyer finalizing your purchase. Your mortgage specialist will notify your realtor when your mortgage receives final approval. Rest assured, if you have any questions, we’re here to help!
Prior to possession date, you'll need to:
