Tips for first-time homebuyers

Published on July 29, 2019 by MultiPrêts MR

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Save for your down payment:

• Set a goal for your down payment, and create a plan to reach it. If you can accumulate at least a 20% down payment, you likely won’t have to pay a premium for mortgage loan insurance.

Determine how much you can afford:

• Use our online calculator to help you determine how much you can afford.

Stay on top of your credit record:

• Every time you pay a bill or apply for credit, two credit reporting agencies– Equifax canada and TransUnion Canada. This information is used to arrive at your credit score, which is a key factor in getting a mortgage.

Get pre-approved:

• If you’re serious about buying a new home, consider getting pre-approved for a mortgage.

Know all the costs of homeownership:

• Buying a home is likely the biggest purchase you’ll ever make, so it’s critical that you do it knowing you can afford to keep and maintain this asset.

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