Before you start Browse listings, the most crucial step is to get your finances in order. This stage determines your budget and how favorable the mortgage terms you can secure will be.
Take an honest look at your income and monthly expenses. How much can you realistically afford for a mortgage payment, property taxes, and utilities without sacrificing your quality of life? This will help you understand the approximate price range of a home you can afford.
Your credit score is a key metric for lenders. It demonstrates how responsibly you handle your financial obligations. In Canada:
720 and above: You’re an excellent candidate! You’ll have access to the best interest rates from top-tier banks (A-lenders).
660-719: A good score that opens the door to many attractive offers.
Below 660: You may face challenges getting a mortgage from major banks, but alternative lenders (B-lenders) exist.
Knowing your score in advance gives you time to improve it if necessary.
This is the amount of money you pay upfront from your savings. The larger your down payment, the smaller your mortgage loan and monthly payments will be. The minimum down payment in Canada depends on the home’s purchase price.
Pro Tip: Use our Affordability Calculator to get a preliminary estimate of your affordability based on your income and down payment.
Arguably, this is the most critical step before starting your house hunt. A mortgage pre-approval is a commitment from a lender stating the maximum mortgage amount they are willing to lend you and the interest rate they will offer.
You know your exact budget: You will search for homes in a realistic price range.
You’re a serious buyer: Sellers and real estate agents will take you more seriously because your finances have already been vetted.
With a pre-approval in hand, you are ready for the most exciting stage! Working with a real estate agent, you can find properties that match your criteria: location, size, proximity to schools, and amenities. Take your time, visit different homes, and choose the one that truly meets your needs.
Once you’ve found the perfect house, your realtor will help you draft an Offer to Purchase. It will include the price, your desired closing date, and any conditions (such as a successful home inspection and final financing approval).
After your offer is accepted, a real estate lawyer will prepare all the necessary documents to transfer the property title to your name. On the closing day, you get the keys to your new home!
Many people go directly to their bank, assuming it’s the best choice. But partnering with a mortgage broker like FastRates opens up a world of possibilities.
Access to the Best Rates: Brokers negotiate exclusive deals you won’t find at banks.
More Mortgage Options: We compare multiple lenders to find the perfect fit for you.
Save Time & Money: We do the research, paperwork, and negotiations—so you don’t have to.
Expert Guidance: We provide personalized advice to match your financial goals.
The home-buying process is a marathon, not a sprint. But with a clear plan and a reliable financial partner, you will undoubtedly reach your goal.
If you’re ready to begin your journey to homeownership, don’t wait. Request a free consultation, and our experts will help you assess your options and get pre-approved on the best possible terms
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