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.

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#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:

  • Income
  • Assets
  • Liabilities
  • Credit Score
  • Down Payment
  • Property Value

#5. SEARCHING FOR PROPERTY

When shopping for your home, you should consider:

  • Location
  • Size
  • 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
  • Lender
  • 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.

 

Twitter Chat

Join the conversation on Twitter during the #MortgageSavvy Twitter Chat.

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Date:  Wednesday, May 29, 2019
Time: 8:00pm – 9:00pm ET
Host: @TangerineBank
Guest: George Kibalian will be available to answer your questions.*
Moderator: @ShesConnected
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.