First Time Home-Buyer

Follow these steps to make your first home purchase smooth and stress-free:

1. Review Your Finances: Check your credit, income, and savings for down payment and closing costs.

2. Save for a Down Payment: Minimum 5%, but 20%+ avoids mortgage insurance.

3. Get Pre-Approved for a Mortgage: Confirms borrowing power, strengthens your offer, and locks in a rate.

4. Explore First-Time Homebuyer Programs:

   • Home Buyers' Plan (withdraw RRSP funds tax-free)

   • First-Time Home Buyer Incentive

   • First-Time Home Buyers’ Tax Credit

5. Start House Hunting: Work with a local realtor to view homes and compare neighborhoods.

6. Make an Offer: Include conditions like financing and inspection. Negotiate price and terms.

7. Home Inspection & Final Mortgage Approval: Ensure the home is in good condition and finalize mortgage paperwork.

8. Hire a Lawyer or Notary: Handle legal paperwork, register the mortgage, and transfer funds.

9. Closing Day: Funds are transferred, title registered, and you get the keys! you need to know to get started before finding your home.