To Do First When Buying A Home - What

When buying a home, the absolute first thing you should do is . While it is tempting to start browsing listings immediately, establishing a realistic budget based on your actual income and expenses—rather than just what a bank might approve—is the critical foundation of the process.

Buying a home is likely the largest financial commitment you will ever make. To ensure a smooth journey, you must start with preparation long before you attend your first open house. Before looking at houses, look at your bank statements. what to do first when buying a home

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 When buying a home, the absolute first thing

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". To ensure a smooth journey, you must start

Allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free, provided it is repaid over 15 years. 3. Secure a Mortgage Pre-Approval Buying your first home - Canada Life