FIRST TIME
HOME BUYERS

You're starting on the exciting journey of homeownership in Canada. As first-time home buyer, it's natural to feel overwhelmed by the process.

 

There are many factors to consider when purchasing a home, and it's important to be well-informed before making any decisions. If you're a first-time homebuyer in Canada, here's what you need to know:

 

 

Determine Your Budget

 

Before you start house hunting, it's important to figure out how much you can afford to spend. Use a mortgage affordability calculator to get an estimate of how much you can afford to borrow based on your income, expenses, and other financial obligations. Consider your down payment, closing costs, and ongoing expenses like property taxes and home insurance when determining your budget.

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Get Pre-Approved For A Mortgage

 

Getting pre-approved for a mortgage is a game-changer for first-time home buyers in Canada. It not only clarifies your budget but also strengthens your position in the competitive housing market. Think of it as a green light from a lender, outlining the maximum loan amount based on your financial health. This allows you to focus on properties that perfectly fit your budget.

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Hire A Real Estate Agent

 

A real estate agent becomes your trusted guide during the homebuying journey, especially for first-time home buyers in Markham, and across both Ontario & Alberta. Look for someone with experience in assisting first-time home buyers – someone who can answer your questions, provide valuable local market insights, and offer references to showcase their track record.

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Shop Around For The Best Mortgage Rates

 

Once you've determined your budget and gotten pre-approved for a mortgage, it's time to shop around for the best mortgage rates. Compare rates and terms from multiple lenders to find the best deal. Don't be afraid to negotiate with lenders to get the best rate possible.

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Consider Government Programs For First-Time Homebuyers

 

The Canadian government offers a helping hand to first-time home buyers through programs like the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can significantly reduce your down payment burden, making homeownership more attainable. We're happy to discuss these programs in detail and help you determine your eligibility as a first-time home buyer

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Don't Overlook Additional Costs

 

Remember, there are additional costs associated with buying a home. Factor in closing costs, home inspection fees, land transfer tax, and moving expenses to ensure you have enough saved to cover everything smoothly. This is an important consideration for all first-time home buyers in Markham, and across both Ontario & Alberta.

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Do Your Due Diligence 

 

Before saying "yes" to a property, thorough due diligence is crucial. Hire a qualified home inspector to assess the home's condition and identify any potential issues. Additionally, research the neighborhood – consider schools, amenities, and crime rates to ensure it aligns with your lifestyle preferences. This step is essential for first-time home buyers to avoid unexpected problems.

 

 

At Swivel Mortgage Group in Markham, our team of experienced and friendly mortgage agents and brokers are here to guide you through every step of the home buying process across Ontario and Alberta. As first-time home buyers ourselves (well, maybe not anymore!), we understand your needs and concerns. Contact us today for a free consultation and let's turn your dream of homeownership into a smooth and successful reality!