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.
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.
“Toronto’s Condo Authority”