ADVICE & RESOURCES FOR FIRST-TIME HOMEBUYERS
Buying your first home is an exciting, whirlwind experience. It may be the biggest purchase you make in your lifetime, so it’s important to take the time to ensure you’re making the right decisions. To help you do that, we’ve put together a collection of information, tools and resources designed to guide you through every step of buying your first home. If you have any questions along the way, we’re here for you – just reach out to one of our Mortgage Experts.
STEP 1: RESEARCHING HOME OWNERSHIP
Before you make an offer on your dream home, it’s important to do your ‘homework’ by analyzing the market, determining if you’re ready for the responsibility, assessing affordability and figuring out how much you’ll need to save up for a down payment.
TO RENT, OR TO BUY?
When it's time to find a home, renting vs. buying is the first question that pops up in many people's minds. Which is right for you? Here are some key things to consider.
HOW BIG SHOULD MY DOWN PAYMENT BE?
Buying a new home is one of the most exciting purchases a person can make. marks the beginning a new chapter for growing families, or it can mean the realization of a dream in retirement.
AM I READY FOR HOMEOWNERSHIP?
Home ownership is a big decision that shouldn’t be taken lightly. Before you even start looking for a new home, it’s important to consider the responsibilities involved, weigh the pros and cons of purchasing a home and ensure you’re in the right position financially.
HANDY HOMEBUYING RESOURCES
STEP 2: CHOOSING THE RIGHT MORTGAGE
Discover all you need to know to pick out the mortgage that’s perfect for you. We’ll cover everything from understanding the basics and mortgage options, to government programs for first-time homeowners.
CHOOSING YOUR MORTGAGE
Class is in session and today we're tackling mortgages! Learn everything you need to know about buying a home-from rates and down payments, to open vs. closed mortgages and everything in between.
Have you ever asked yourself any of the following questions: What exactly is a mortgage? What does amortization mean? What is the difference between open and closed mortgages? How much is needed for a down payment? We’ll answer all those questions and more as we take your through some of the basic terminology and features of mortgages.
PROGRAMS FOR FIRST-TIME HOMEBUYERS
There are several government programs designed to make purchasing your new home more affordable and manageable for first-time homebuyers. From using your RRSPs towards your down payment, to shared-equity mortgages and tax credits, discover ways to save.
These recommendations are for illustrative purposes only and are not intended to provide specific financial advice. Please speak with a Northern Mortgage Expert or your financial advisor to discuss your specific situation before you make a final decision regarding your mortgage to ensure all your financial and other circumstances have been taken into account.
Found your dream home? Do a quick check to see if it’s in your price range.
We have some of the most competitive rates around. Find out for yourself!
TYPES OF MORTGAGES
Planning renos? Building your home? Self-employed? We have all types of mortgages.
STEP 3: CLOSING THE DEAL ON YOUR FIRST HOME
You’re almost there! But before we start celebrating, there are a few things to consider around placing your offer, finalizing the deal, extra costs to keep in mind and protecting your investment.
PREP BEFORE PLACING AN OFFER
Check all the boxes as you prepare for what might be the biggest purchase in your lifetime
EXTRA COSTS TO KEEP IN MIND
Jake and Jane bought their dream house. It was a bit over their budget, but they couldn’t resist. It was exactly what they’ve always wanted. Before they purchased the home, they worked out how much their monthly mortgage payment would be. It was more than they used to pay for rent, but they thought if they budgeted carefully, they could manage the payments.
FINALIZING THE DEAL
The day you purchase your home is very exciting and there’s a lot happening in a short period of time. Here are some of the things that you’ll be taking care of as you close the deal.
PROTECTING YOUR INVESTMENT
Your home isn’t just a place to live, it’s also potentially the largest single investment you’ll ever make, and that’s worth protecting. Here are a few ways that you can ensure that the investment in your home remains financially healthy: