Disclosure: This is a partnered post with Tangerine Bank. However, all opinions and views on this post are 100% my own.
The thought of buying a first home can be daunting. A great first step is taking the time to do some research. With so much information available on the internet, however, it can be hard to figure out where to start. That’s why we’re excited to share what Tangerine Bank has created: an easy-to-follow interactive eBook designed to make sense out of the homebuying journey, and help arm you with what you need to know to buy your first home. Adwith ditionally they will be hosting a Twitter Chat with their mortgage expert George Kibalian to answer all of your questions!
Journey to Home Ownership
Set a Goal
- Most people realize that the secret to achieving what they want is to set specific goals. Rather than setting a goal to simply own a home one day, it’s more effective to include details: What type of home would you like to buy? Where would you like to live? And when would you like to buy?
Understanding Your Credit Score
- When mortgage lenders evaluate your application, they need to determine your credit worthiness. That’s based in part by your credit history and credit score. It’s a good idea to be proactive and review your credit score and report ahead of time to prevent potential nasty surprises when you apply for a mortgage
- Coming up with a down payment can be one of the biggest hurdles to overcome when becoming a homeowner. Having a well-thought out plan helps.
Home Much Can You Borrow?
- It’s tough to go house shopping if you don’t know what you can afford. Getting a mortgage pre-approval gives you a good idea what you could qualify for
Searching For A Property
- When shopping for your home, there are several factors to consider: location, size, your lifestyle and your stage in life. But more important than all those factors is finding a property that you can afford.
Choosing Your 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
Make An Offer
- Once you find the home you’d like to buy, your real estate agent will work with you to make an offer to purchase. An offer to purchase is a formal agreement between buyer and seller. It has several key items including the buyer and seller. It has several key items including: offer price, chattels and fixtures, closing/possession date, deposit amount, conditional offer
Selecting Your Mortgage
- There are more things to consider when choosing a mortgage provider than just finding who’s offering the lowest mortgage rate. In some cases, it might be worth choosing a mortgage with a slightly higher rate if it comes with features that matter to you. Here’s what you need to know when selecting your mortgage
Shopping for Home Insurance
- Most lenders require that you have home insurance in place by your closing date in order for your mortgage to be approved.
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.
- Then, once the deed to the home is registered in your name, your real estate lawyer will confirm everything went through and give you the keys to your new home. This process may differ somewhat depending on the jurisdiction you live in. Congratulations, you’re officially a first-time homebuyer!
First-Time Home Buyers’ Twitter Chat Details
Date: Thursday, September 26, 2019
Time: 8:00pm ET – 9:00pm ET
Host: @Tangerine Bank along with Mortgage Expert George Kibalian
$500 in prizing!
NO RSVP Required
Anyone can participate in the Twitter Chat but only Canadians excluding those in the province of Quebec can win prizes.
click here for rules and regs.