The following article outlines the essential first steps for any prospective homebuyer.
In Canada, the minimum down payment is 5% for homes under $500,000, while homes over $1.5 million require 20%. 2. Leverage Government Incentives what to do first when buying a home
Your score directly impacts your mortgage rate. Aim for at least 680 to 720 to secure competitive terms. You can check your report for free via Equifax or TransUnion . The following article outlines the essential first steps
Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment. Allows you to save up to $8,000 annually
Don't just rely on a lender's maximum loan amount. Use an Online Mortgage Calculator to estimate monthly payments, but ensure your total housing costs (mortgage, taxes, insurance) stay under 32% of your gross monthly income to avoid being "house poor".