Disclosure: This is a partnered post with Tangerine Bank. However, all opinions and views on this post are 100% my own.
Are you dreaming of owning a home? Is it time for you to make that dream a reality? Here are 10 things to consider if you are thinking of buying a new home.
#1. SET A GOAL
Most people realize that the secret to achieving what they want is to set specific goals.
- What type of home would you like to buy?
- Where would you like to live?
- When would you like to buy?
#2. UNDERSTANDING YOUR CREDIT SCORE
- When mortgage lenders evaluate your application, they need to determine your creditworthiness. That’s based in part by your credit history and your credit score.
#3. SAVING UP
Coming up with a down payment can be one of the biggest hurdles to overcome. Having a well-thought-out plan helps:
- Track your spending
- Identify needs vs wants
- Set a budget
- Set up an Automatic Savings Plan
#4. HOW MUCH CAN YOU BORROW?
It’s tough to go house shopping if you don’t know what you can afford. Lenders will consider:
- Credit Score
- Down Payment
- Property Value
#5. SEARCHING FOR PROPERTY
When shopping for your home, you should consider:
- Your lifestyle & stage in life
- and most importantly a property that you can afford
#6. HOME BUYING TEAM
When it comes to buying a home, it’s a team sport. Some of the key players include:
- Real Estate Agent
- Real Estate Lawyer
- Home Inspector
- Land Surveyor
- Insurance Broker
#7. HOW TO MAKE AN OFFER
Once you find the home you’d like to buy, you need to make an offer to purchase which includes:
- Offer price
- Chattels & fixtures
- Closing/possession date
- Deposit amount
- Conditional offer
#8. SELECTING A MORTGAGE PROVIDER
- There are more things to consider when choosing a mortgage provider than just finding who’s offering the lowest mortgage rate.
#9. SHOPPING FOR HOME INSURANCE
- As your most valuable financial asset, it is important to insure your home. Most lenders require that you have home insurance in place by your closing date.
#10. CLOSING THE DEAL
- Shortly before your closing date, you’ll meet with your real estate lawyer to sign the purchase and mortgage paperwork. You’ll also give your lawyer a certified cheque for the down payment.
Home Buying Journey
The thought of buying a first home can be daunting. Tangerine Bank has created: an easy-to-follow interactive eBook designed to make sense out of the home buying journey.
Join the conversation on Twitter during the #MortgageSavvy Twitter Chat.
Date: Wednesday, May 29, 2019
Time: 8:00pm – 9:00pm ET
Guest: George Kibalian will be available to answer your questions.*
No RSVP Required
*Responses to chat questions are those of individual participants and do not reflect the views of Tangerine nor do they constitute financial advice. Participation in the Tangerine #MortgageSavvy Twitter Chat does not constitute an offer or commitment by Tangerine to provide any financial products or services.