Buying a home in Canada is one of the biggest investments you can make. A good real estate agent will help you find your dream property at a price you can afford.
Here are 10 steps to buying a home in Canada:
Step 1: Researching Properties
Before you start looking for a property, it's important to research the market and get an understanding of what other homes are selling for. This will give you an idea of whether or not you can afford to buy in the area.
Step 2: Finding An Agent
Finding an agent who specializes in real estate can make all the difference when buying your first home. They'll be able to give you advice on finding the right house, while guiding you through the process from start to finish.
Step 3: Finding A Home To Buy
Once you've found a property that fits your budget, it's time to start looking at houses that are available for sale. The first step is finding out how much house costs in your area so that you know how much mortgage payments will be each month — this information will also help determine if buying a house is possible at all!
4. Do Your Research
The best way to find out about the market for homes in Canada is by doing your research. There are many resources available online and in print that can help you learn about different neighborhoods and communities, as well as the current market prices of homes.
You may even want to consider a home buying course, if this is something you think you will be interested in doing. There are plenty of courses that are designed specifically for first-time home buyers, so they will help you understand exactly what you need to do to get started.
5. Make a down payment
The government will help you with your down payment and closing costs if you qualify. If you have a low income, there are programs that can help you with the rest of the down payment and closing costs as well.
Schedule an appointment with a mortgage specialist at a local bank or credit union
7. Have your paperwork ready to show them (mortgage application, previous pay stubs, etc.)
8. Apply online using the secure lender's website (preferably 24 hours before you want to close on your home) and follow the instructions they provide you with
9. Receive pre-approval (this is when they will tell you if they can approve your loan) or refusal of your loan application within two business days of their decision; this means it may take up to two weeks for them to process your application and get back to you with their decision; if they refuse the loan it’s best to find another lender so that one doesn’t have any bad feelings about being rejected by the first lender (this can be done by going through a third party broker who can help move things along as quickly as possible)
10. Contact A Mortgage Broker To Find Out If There Are Any Pre-Qualified Bidders For Your Bank