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Buying Your First Home: Three Steps to Successful Mortgage Shopping

Buying a home is probably the biggest financial decision you will ever make, and for most people, it requires getting a mortgage. You can follow three steps to make sure you get the mortgage that’s best for you:

• figuring out what features you need and want in a mortgage;

• getting pre-approved for a mortgage; and

• understanding your rights when you apply for a mortgage.

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You have decided that you want to purchase a home. There are some important questions you need to ask yourself before and during the mortgage process such as:

• How much of a down payment do you have?

• What price range for a home is within your budget?

• Have you considered all the costs involved with owning a home, such as:

–  mortgage payments

–  utility costs

–  property taxes, and

–  maintenance costs?

• Are you expecting any big changes that will affect your household budget in the near future?

For example, are you planning on starting a family or adding other expenses, such as car payments, that would affect your budget?

This publication will help you get prepared for buying your first home.

>>Click here to view the First Mortgage Guide.

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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