Buying your first home is one of the most exciting times in your life, but it can also be one of the most overwhelming. Expectations are often thwarted by financial realities and these can leave you feeling disappointed in your options. However, with a bit of planning, you can avoid the pitfalls of expectations vs. affordability, and with the help of your real estate agent, find the perfect first home. Plan your Budget The most important thing you must do is plan what you can afford. A mortgage calculator can help you start the process. Mortgage calculators give you an idea of what your price range should be. It is also a good idea to contact a mortgage broker who can help you find the best financial institution for a possible pre-approved mortgage. Your own bank may not offer you the best option, so it’s important to investigate all options available to help with the cost of purchasing your home. Take advantage of the financial incentives available for a first time home buyer: First-Time Home Buyers’ (FTHB) Tax Credit Introduced by the Government of Canada to assist first-time home buyers with the costs associated with the purchase of a home, a $5,000 […]
Read More