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  1. In order to obtain financing for your new home, you need to have a down payment from your own funds. Typically a down payment should be equal to at least 5% of the purchase price of the home.
  2. As a first time homeowner, you have the opportunity to take advantage of the Home Buyers Plan which allows you to withdraw savings from your Registered Retirement Savings Plan (RRSP) to put towards your down payment. Learn more.
  3. Use the mortgage calculator to determine what purchase price and mortgage amount you can afford.
  4. Contact a Financial Services Advisor to get a pre-approved mortgage before you start looking for your new home.
  5. Make sure to have enough funds to cover legal fees, land transfer tax, insurance and other additional fees associated with the purchase of a home.

When purchasing a home, there are expenses such as land transfer tax, lawyer fees, appraisal fees, survey and zoning certificate fees, insurance, property taxes, utilities and moving costs, among others, that you will need to pay before or upon receiving possession of the home.

Also, you will need to consider if any renovations are required to the home and add those costs to your mortgage application.

The following information will be required when applying for a mortgage:

  • Personal information (name, address, phone, email, birth date, marital status, social insurance number, etc.)
  • Financial information (details of what you own and what you owe, self and joint)
  • Employment information (employer, occupation, salary, length of time worked, etc.)
  • Property information (address, purchase price, physical details, tax roll number, etc.)

Other information may be requested in order to evaluate your mortgage request.
If the mortgage is joint, all applicants will need to provide the required information.

Before you start looking for a new home, it is a good idea to get a pre-approved mortgage.

A pre-approved mortgage will determine the amount that you can afford to pay for a home therefore you can confidently shop for homes within your price range, knowing that when you find the right one, your financing is in place. This could also provide you a competitive edge if there are other purchase offers.

Contact a Financial Services Advisor to get a pre-approved mortgage before you start looking for your new home.

There are a number of factors to consider when deciding whether to invest in your RRSP or to make additional payments on your mortgage, such as the interest rate on your mortgage, whether you are carrying any high interest bearing debt and how much you need to save for retirement. You could possibly do both: invest in your RRSP and use your tax refund to make an additional mortgage payment.

Contact a Financial Services Advisor to review your situation and determine what is best for you.