A simple overview of the home buying process in Canada:
- Even if you already own a home or a first-time buying, we suggest having your mortgage pre-approved.
- Shop around the housing market, and budget according to your pre-approval offer
- Once you have located your dream home, you will make an offer of purchase, place a deposit and we recommend having a home inspection.
- You will then go through the full mortgage approval process
- Your deal should then ‘close,’ and you will receive the keys to your new home
On paper, it may seem simple, but it there are still things that you will need to consider when purchasing a home. We have devised four key steps that we feel that you need to know before you purchase a home.
- Ensure that you are pre-approved
- Keep your budget in mind
- Are you planning on starting a family? Will your mortgage payments remain affordable
- What if you lost your job? Could you afford to continue repaying your mortgage until you sourced a new role?
- Have a real estate agent
- Remain open