There are several steps you will need to follow in order to get a mortgage as a first-time home buyer in Ontario:
Determine how much you can afford
Before you start looking for a home, it's important to know how much you can afford to borrow. You can use a mortgage affordability calculator to get an idea of how much you can borrow based on your income, debt, and other financial factors.
Shop around for a mortgage
Once you know how much you can borrow, you can start looking for a mortgage. You can shop around with different lenders to compare mortgage rates, terms, and fees. It's a good idea to get pre-approved for a mortgage, which will give you an idea of how much you can borrow and help you negotiate with sellers when you're ready to make an offer on a home.
Save for a down payment
Most lenders will require you to make a down payment of at least 5% of the purchase price of the home. You'll need to save enough money for the down payment, as well as closing costs and any other fees associated with buying a home.
Get your finances in order
Lenders will look at your credit score and financial history when considering you for a mortgage. It's important to make sure you have a good credit score and that your financial affairs are in order before you apply for a mortgage.
Find a home
Once you have your finances in order and you know how much you can afford to borrow, you can start looking for a home. Work with an experienced real estate agent to find a home that meets your needs and budget.
Make an offer and get a mortgage
When you find a home you want to buy, you'll need to make an offer to the seller. If your offer is accepted, you'll need to work with your lender to get a mortgage and close the deal.
Close the deal and move in
Once you have a mortgage and all the necessary paperwork is in place, you can close the deal and move into your new home.
Let's Talk
When you’re ready, I can help you step-by-step to make the right financial decisions for your home purchase.
Give me a call now at (905) 571-1121 or use the contact form here to send me a message.