For the first time home buyer, there are many things to take into account when purchasing a home. In Canada, there are a few things that you should know before buying your first home.
The first step is to determine how much you can afford. You need to consider your down payment, monthly expenses, and your credit score. You will also need to get pre-approved for a mortgage.
Next, you need to decide what type of home you want. There are many different types of homes available, from condos and townhouses to detached houses. You also need to decide on a location. Do you want to live in the city or the suburbs?
Once you have determined what you can afford and what type of home you want, it’s time to start shopping for homes.
Since the announcement of Canada’s new mortgage rules in June of 2022, it has become much tougher to qualify for a mortgage. The new rules, which include a stress test for all borrowers and a cap on how much Canadians can borrow against their home equity, have made it more difficult for people to get …
Canada’s new mortgage rules making it tougher to qualify Read More »
Types of mortgages Mortgage Types – When it comes to mortgages there are a few key things to know. The first is the difference between a closed and open mortgage. With a closed mortgage you are locked into the interest rate for the entire term of the mortgage, while with an open mortgage you can …
Everything You Wanted to Know About MORTGAGE TYPES Read More »
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