Adult Financial Literacy Guide | Page 25

3. Get pre-approval for a mortgage. Get pre-approval in writing. You will know how much you can afford for a house and it will give the seller more confidence in your offer because you have financing arranged. 4. Get financing arrangements in writing. Understand how your mortgage works – fixed or variable rate, payment schedule, fees and any special conditions. Buying Your First Home 5. Shop around. Go to open houses. View a variety of properties. Explore different neighbourhoods and rank them based on your priorities. Photo credit Alan Cleaver via Visualhunt.com CC BY 6. Check the documents carefully. When you're ready to buy, review all documents related to the purchase with a relator or notary/lawyer. You will be signing a binding legal contract so it is important to make sure all information is correct. 25