Dream of owning a home? Don’t give up — here are 7 things you need to know
Want to be a first-time home buyer? Feeling a bit overwhelmed by the process? You're not alone. Buying your first home in Canada may seem more out of reach than a high-rise penthouse condo. Yet, insightful advice — especially on how to save up or plan better — can set you on a level path and put your dream within reach.
2. Six federal savings programs and 20+ provincial rebates or tax credits are available across Canada. There is financial help out there — like the federal government’s First Home Savings Account that can allow you to save money tax-free for your down payment. Plus, rebates may be available in your area to help reduce home-buying costs . But there are also eligibility and qualification rules, so ask a mortgage broker or financial advisor about the details.
5. Your score of 720 in your credit app? That's not the score lenders use. To approve you for your mortgage, lenders use your FICO score rather than the Pinnacle score you see with Equifax, TransUnion, or some other credit-score app. An expert broker can pass along your FICO score and outline any effect on your mortgage application.
Working with an expert broker can help you determine how much you can afford and how a lender will see your application in light of your financial details.Bring the dream of owning one step closer — with a clear yet detailed guide to help you navigate your process.
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