What To Do First When Buying A Home Page

Your score directly impacts your mortgage rate. Aim for at least 680 to 720 to secure competitive terms. You can check your report for free via Equifax or TransUnion .

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

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". Your score directly impacts your mortgage rate

Allows you to save up to $8,000 annually (to a $40,000 lifetime limit) tax-free for your down payment. Buying a home is likely the largest financial

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