MIJ MICHAEL OCT 05, 2021
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