Tips for first-time homebuyers
Published on March 25, 2019 by MultiPrêts MR
- 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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