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Financial Literacy
We know that strong financial literacy is key to making informed decisions about money.
Saving for a home
The goal of owning a home can be challenging
With careful planning, helpful guidance and government incentives for first-time buyers, home ownership dreams can still become a reality. There’s a lot to learn about buying a home for the first time. We can help guide you and map out a clear plan for securing a mortgage when the time is right for you.
How to start planning
A good way to get started is by answering three key questions:
What’s important for your first home?
Is location a major factor? Do you need a garage or finished basement? Would you like a yard or no yard at all?
It’s wise to narrow-down your must-haves.
How much can you put down?
How much money do you have for a down payment towards the purchase price (you need at least 5%)?
With government incentives, you may have more than you think.
What’s your price range?
Based on current monthly income, living expenses and debt repayments, how much of a mortgage payment can you realistically afford?
Available incentives for first-time home buyers
Sometimes the biggest challenge is accumulating the down payment you need to purchase your first home. In addition to your own savings, the federal government has programs to support first-time home buyers. Our mortgage specialists can help determine which programs will work for you.
Additional sources for a down payment
Although 20% of the purchase price is ideal for a down payment, it’s not possible for many.
In addition to government incentives, the CMHC Purchase program allows you to use various sources for your minimum down payment of at least 5%, including a gift from an immediate relative.
Keep in mind, if you want to buy a home with a down payment of less than 20%, mortgage loan insurance is required.
The benefits of a pre-approved mortgage
Getting pre-approved for a mortgage means going through the application process hypothetically.
There is no cost or obligation to actually borrow the money. You are simply exploring with a mortgage specialist to determine the amount you could be eligible to borrow and most importantly, ensuring it’s affordable long term.
In most circumstances, your pre-approved mortgage amount and interest rate are guaranteed for 90 days. If you find a home within your price range within this timeframe, if the required conditions are met and there are no changes to the original application, updating your application for final approval will be quick and easy.
How to ensure your new home is affordable
A great first step to determining how much you can afford to spend is to make a budget. Not only will you get a better understanding of the money that’s available, it can also help you prioritize saving for a down payment.
The Government of Canada requires financial institutions to apply a stress test early in the mortgage application process to ensure mortgage holders can afford higher payments if rates increase.
View the details from the Financial Consumer Agency of Canada ❐
Mortgage tip!
Save money on interest and pay your mortgage down faster by choosing weekly or bi-weekly payments when you do get a mortgage.
Our Member Solutions Team can help first-time home buyers
Contact us over the phone or you can book an appointment with a mortgage specialist at your local branch.
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