Knowledge Is Power.

1. CONSIDER YOUR REQUIREMENTS BEFORE BEGINNING YOUR SEARCH:

Location

Where you live has an impact on your lifestyle and it’s also one of the most significant factors on the value of your home. Choice of location is sometimes limited by the price you can afford but it is still important to consider factors such as commute to work, schools, family, shopping and entertainment.

Budget

Consider how much you have to spend, and just as importantly, consider how much you want to spend. Note that purchasing a home includes numerous additional expenses above and beyond the list price. Continued...

Can't decide between a closed, open or convertible mortgage? There are many factors to consider such as your financial goals and how soon you want to pay off your mortgage.

Closed Mortgage

Closed term mortgages are usually the better choice if you're not planning to pay off your mortgage in the short term. Interest rates for closed term mortgages are generally lower than for open term mortgages. Closed term mortgages offer you the ability to save on interest costs and payoff your mortgage faster. You will pay a prepayment charge if you wish to renegotiate your interest rate, prepay more than your mortgage allows or pay off your mortgage balance prior to the end of its term. Continued...

Closing costs refer to a large variety of different fees and charges associated with the completion of your mortgage deal, including all legal and administrative expenses you’ll be responsible for paying leading up to, or on, your home’s closing date. It’s important to include these costs in your budget because, in most cases, they can’t be rolled into your mortgage payments.

Important: Include closing costs in your budget because, in most cases, they can’t be rolled into your mortgage payments. Continued...

There are 4 main programs and rebates including what they are, who is eligible, what happens after you qualify and tips on how to get the most out of them. We’ve also included some examples on how to calculate how much you’d be able to qualify for.

RRSP Home Buyer’s Plan (HBP)

First-Time Home Buyer Incentive (FTHBI)

First-Time Home Buyers’ Tax Credit

Provincial and Municipal Land Transfer Tax (LTT) Rebates