Buying a home: step by step
Are you wondering whether you should leave your rental unit and get a home of your own? It’s an exciting project but you’ll need to think it over carefully and do some planning and preparation. Review these steps before you take action.
Wondering whether to become a homeowner? Before making the big move, it’s important to maximize your chances of success. Drawing on our vast experience of helping future homeowners like you, we’ve put together some information that answers the most frequent questions. It will help you give your project some careful thought!
Is owning a home the right move for you?
Rent or buy? Which lifestyle is most advantageous for you?
Can you afford to buy a home?
Here are some ideas for taking your first steps towards buying a home
Determine your down payment
Your down payment reduces the amount of your total mortgage and therefore has an impact on the interest you pay. Have you taken everything into consideration?
Have you found the home of your dreams? Before you jump into the world of home ownership, you need to do some planning. Do you have the minimum down payment? Do you know about all the expenses involved in buying a home and, most importantly, can you pay them? Take a long, hard look at your finances. That way, you’ll be sure your choices fit well with your personal situation.
What mortgage calculators don’t tell you
It’s so easy with online mortgage calculators and simulators! You immediately know how much you can borrow, what your payments will be and even how much you could save based on your payment options. But are the calculators and simulators really telling you everything?
Why get pre-approved for a mortgage?
There are many steps in the process leading up to the day you move into your new home. Discover the advantages of having mortgage pre-approval right from the start.
Fixed or variable rate?
Security or cost savings? Stability or fluctuations? Is there a hybrid solution? Can you guarantee your rate while you’re searching for a home? We have the answers to your questions!
Are you ready to make an offer on a home? Wherever your home buying project takes you from here, being prepared is the best approach. This stage often happens quickly. It determines whether your project will be successful and how it will play out. Be positioned to take action by making sure you already have your papers, documents and questions on hand when you meet with an advisor.
Be ready for the first meeting with your advisor
To make sure the process runs smoothly and you can start enjoying your new home as soon as possible, follow these simple ground rules for the first meeting with your advisor.
Mortgage application overview
Your mortgage application determines whether or not you can buy the home you want. Discover what’s involved in the application process which could mark the beginning of an important new phase of your life.
Mortgage insurance: what is it and how do you sign up?
You have access to a variety of insurance options for your mortgage loan. Find out how they can impact you and see which ones apply to you.