Navigating the process of buying a home
Here are some tips that may help you to navigate the process of buying a home, save money, and reduce your stress.
Start to save early
Use a downpayment calculator to decide on an amount, then set up a savings account to help you get started.
Closing costs are fees that you have to pay ontop of your downpayment (mortgage fees, lawyers fees, land transfer taxes, etc.).
Moving-in costs help you to pay for home repairs, furnishings or upgrades.
Check & strengthen your credit score
Get free copies of your credit report from Equifax & TransUnion.
Pay your bills on time and keep your balances as low as possible.
Track your credit score.
Research first-time home buyer programs
Tax credits may be available through first-time buyer programs.
Explore mortgage options & get a preapproval letter
Compare mortgage rates and fees.
A mortgage lender will pull your credit report to verify your income, debts, and assets.
Don’t make any big purchases when applying for a mortgage.
Applying for a preapproval from different lenders won’t hurt your credit score if you apply within a limited time.
Having a preapproval letter can give you an edge from other house shoppers who haven’t taken this step. It shows a seller and real estate agent that you’re a serious buyer.
Choose a real estate agent
Interview agents.
Ask them how they will help you find a home that’s right for you.
Pay for a home inspection
Make sure the inspector can get to every part of the house; the roof, any crawl spaces, etc.
You, as the buyer, may want to attend an inspection so you understand the house and can ask questions on the spot. If you can’t attend, review the inspection carefully with your lawyer to fully understand it.
Standard inspections don’t test for radon, mold or pests. Ask what’s included in the inspection. And ask your agent what other inspections you might have done by a professional.
MORE for Canadian readers > First-time home buyer tips
Disclaimer: This information is for interest purposes only. This information may be different from what you see when you visit a financial institution, service provider or specific product sites. All financial products, shopping products, and services are presented without warranty. When evaluating offers, please review the financial institutions' terms and conditions.
