Things First Time Home Buyers Need To Know – Are you a first time home buyer? This is one of the most important financial decisions of your life and it is an exciting journey ahead. We’ve put together this article to help you understand 8 important things in the home buying journey.

Due to the costs of the GTA real estate market, having a significant down payment can save you a lot of money on your mortgage payments.

Things First Time Home Buyers Need To Know

If the home price is under $500000, the minimum downpayment is 5%. If it is between $500000 and $999999, the minimum down payment required is 10%. If the price is more than 1 million dollars, the minimum payment should be 20%.

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If your down payment is less than 20% of the house price, it is necessary to insure the mortgage with CMHC (Canada Mortgage and Housing Corporation). It’s also a premium that can add thousands to your costs. To avoid this, you must meet the 20% payment criteria.

It is a smart move to increase your down payment to reduce your monthly debts in the future.

How much you can afford when it comes to buying a home is an important question. Your affordability depends on various factors such as income, debt, lifestyle, monthly expenses, your credit score and more.

Note: The Mortgage Stress Test affects your affordability, the new federal guideline affects all potential home owners who plan to borrow through federally regulated lenders such as banks and even provincially regulated lenders such as credit unions . As a home buyer you must qualify using a minimum qualifying rate that is 2% higher than your contractual rate from the lender.

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Let’s look at something that will help you relax. The Home Purchase Plan (HBP) allows you to withdraw up to $25000 per year towards your down payment. You can repay this amount without any interest or penalties if it is done within 15 years. This is a blessing because it increases your down payment thus reducing your loan amounts.

As you are a first time home buyer, you can also claim $5000 for home purchase as long as it satisfies the following conditions. It is on line 369.

Ii) The purchaser should not have lived in another house owned by them in the year of purchase or in the previous four years.

Understanding mortgage rates and learning to compare mortgage rates in the market is a necessary skill in today’s home buying scenario.

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A mortgage is a loan backed by a property. If you qualify for a mortgage, there is an agreed period of time that you must pay it back with interest.

Fixed rate mortgages: These loans have a fixed interest rate on them throughout the term of the loan.

Closed Mortgages: If you are planning to pay off your loan faster, this is not an option you should consider. Closed mortgages require the borrower to pay a certain amount of money each month until it reaches the end of the amortization period. In Canada, amortization periods are generally limited to 25 years.

Open Mortgages: This type of mortgage allows you to pay off your loan faster. This will save you a lot of money in interest payments and at the same time, the banks are likely to make a profit in this scenario. Therefore open mortgages have a higher interest rate than closed mortgages.

Options For First Time Homebuyers [infographic]

The neighborhood plays a big role in the price of a property. There are many factors to consider before settling on a neighborhood for your dream home.

When it comes to the home buying journey, the cost of the home is not the only price you should budget for. There are many other costs that can be categorized under closing costs.

Home Inspector Costs: A certified home inspector will check the condition and structure of your prospective home. Professional guidance is very important because it will show the necessary repairs and the estimated cost.

Land Transfer Taxes: It is calculated based on the price of the house. In some cases, there is a full or a partial refund for the same.

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Legal Costs: Working with an experienced real estate attorney can make the process go smoothly because they can help you review important terms and conditions of the agreement.

Aside from the above costs, you should also factor in costs such as Title Insurance, Property Taxes, and Moving costs. The rule of thumb is to set aside up to 3% of your home’s value for closing costs.

When you buy a house, you’re not just buying a place to live, you’re buying an economy. As we always say, when you buy the house, you buy the economy.

Your dream home is one of your most valuable assets. If you have insurance for your smartphone, car etc., buying an insurance for your home is a no-brainer.

Home Buyer Information

Home insurance covers damages that occur to your home or the appliances inside your home due to fire, storm, theft, break-in and more. Insurance will cover the cost of repair or replacement.

But if your home is a flood-prone area and if your home is damaged by a flood, most insurance policies won’t cover that. For high-value items inside your home, you should add them to your insurance policy separately.

If you’re a first-time home buyer, you’ll find homes that need renovations after you buy to make them livable.

You can choose to create your own route or hire a professional to get things done quickly. If the changes involve non-professional jobs, you can plan them over the weekend and get them done. You’ll save a lot of money in the process.

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There are many DIY hacks on Youtube that you can learn. It is also a great family activity and gives a personal touch to your home.

But if you’re looking to get something done professionally with attention to detail and quick turnaround time, it’s better to go with contractors. Although it will cost thousands more than your DIY, it will save you a lot of time.

AskGauge helps first-time home buyers by making the home buying journey easier and more transparent. We work with experienced real estate agents, real estate attorneys, home inspectors and mortgage advisors who can help you make smarter decisions.

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Home Buying Explained For The First Time Home Owner

Do you think you’re ready to buy your first home? Is it time to stop paying rent and take out your own mortgage? Before you get ahead of yourself and start shopping for furniture, here are some important things to know. Buying a home for the first time is a HUGE investment, and a huge commitment. The tips below are important things for you to know as a first time home buyer… So your first time home buying experience is a great one!

A downpayment for a home cannot be made with pocket change. So, if you know you have an opportunity to buy your first home in your near future… NOW is the time to start saving money. In fact, even if buying a home is not in your immediate future, but is a goal at some point, start saving now!

The general rule for a downpayment is 20%, although there are some loan programs that offer options as low as 3% and even zero down. Keep in mind that the lower the amount, the larger the loan. Your real estate agent can help you with home purchase loan programs the first time you qualify.

A pro tip for saving money today – Erica Diaz Team: Make a budget and stick to it! This will help you set aside money for your downpayment each month. Also, cut out some things you do for fun, but don’t have to. This will allow you to add a little more to your savings.

First Time Home Buyer Tips: A Guide

Credit is a HUGE factor when it comes to buying a home. While you can get a mortgage loan with bad credit, it is for a lower amount and higher interest rate, than if you have good credit. Any mistakes or negative marks on your credit score will affect what lenders will offer you. Lenders use your credit report to determine how much to lend you and at what interest rates.

A pro tip for fixing your credit – Erica Diaz Team: You can get your free credit score and report here. This will help you better understand what MUST be fixed before applying for a home loan. Once you know what is negatively affecting your credit, start taking steps to fix the issue.

Owning a home comes with more than just a mortgage. With all the excitement of house hunting and day dreaming of the future

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