Plan in some buffer for interest rates hikes to come. Bank of Canada might announce 0.5% increase today, probably more to come although noone knows to what extend. That will increase the interests you pay on your mortgage. Make sure you are not stretched too much on whatever rate the bank gives you and make sure you can take the payments if the rate goes up to 4, 5 6% (which might or not happen in the future, noone knows).
Go to a bank and get pre qualified before looking . They will help you understand how much you can realistically afford. Take time to pick your realtor who will understand your needs and budget . Most realtors will want to ensure you are prequalified before meeting
The rule of thumb is income x 5 is the maximum mortgage you can afford. So $80K * 5 = $400K.
A decent 1BR+DEN in GTA (Say Vaughan, Mississauga, North York) probably runs you closer to $600K. So you should have about $200K saved up at this point.
Pay attention to property tax, condo maintenance fee, transfer tax (1 time), legal cost.
With that said, go to a mortgage broker and get pre-qualified.
@keys8014
This is Garima.I have been helped by this forum many times for so manyyears.It would be great if I could help back someone.Please let me know what kind of housing are you looking for.
@keys8014
This is Garima.I have been helped by this forum many times for so manyyears.It would be great if I could help back someone.Please let me know what kind of housing are you looking for.
Plan in some buffer for interest rates hikes to come. Bank of Canada might announce 0.5% increase today, probably more to come although noone knows to what extend. That will increase the interests you pay on your mortgage. Make sure you are not stretched too much on whatever rate the bank gives you and make sure you can take the payments if the rate goes up to 4, 5 6% (which might or not happen in the future, noone knows).
You need to carefully choose a realtor, that's really important. Also, when you'll get to the renovation of your house, think about the specialists you'll work with and check their portfolios. You can even imagine how long it took me to find Kitchen Cabinets for Sale king of prussia , and I wasn't even that picky. But at least I don't regret working with them at all.
There is no one-size-fits-all answer to this question, as the best tips for first time house buyers will vary depending on your personal financial situation and geographic location. However, some general advice for first time home buyers includes:
1) Start by assessing your needs and wants, and then create a budget that reflects those priorities.
2) Make sure you are familiar with the different types of mortgages available, and consult with a mortgage broker to find the best option for you.
3) Have a down payment saved up, as this will help you qualify for a mortgage.
4) Be prepared for unexpected costs – such as repairs or maintenance – that may arise after purchasing your home. On my website, I have a blog post titled "Eight Tips for First-Time Home Buyers in the GTA." You can visit Norma Walton's website if you'd like.
