Tips for First Home Buyers

Ensure that you:

  • Have a stable job.
  • Can see yourself living in the same location for the next 5-10 years.
  • Are prepared for the extra work that comes with homeownership.

Create your ideal wish list:

  • Identify what’s most important to you — location, number of bedrooms, a yard, pool, two storeys, granny flat.
  • Choose the ideal neighbourhoods, home styles, listings online, transport, parks.

Calculate what you can afford:

  • Check your credit report and score from at three credit bureaus and fix any errors right away.
  • Identify what your down payment amount. 20% means you can avoid paying private mortgage insurance.
  • Calculate how much you’ll need as an emergency fund for any unexpected maintenance or repair costs.

Gather the necessary documents:

  • Proof of employment, including pay stubs and past tax returns.
  • Bank and investment account statements from the past three months.
  • Previous addresses and current landlord’s contact information.

Research available mortgages:

  • Request quotes from multiple lenders for loans.
  • Get pre-qualified for a loan, as sellers are not likely to consider your bid unless you’re pre-qualified.
  • Obtain a pre-approval letter. This will require a credit and background check, but it can also make you a stronger candidate.

Find an Agent

  • Research local agents.
  • Find a real estate agent you trust and communicate well with. 
  • Ask friends or family members for second opinions as you go through the buying process
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