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Buying Your First Home
Mortgage Shopping
For most people buying a house will be the biggest financial investment that they
will make. In most cases, it will require getting a mortgage. Before shopping
around you need to know how much you can afford. A realistic budget is very
important.
Some questions you need to ask yourself before and during the mortgage
shopping process include:
How much of a down
payment do you have?
What price range for a home is
within your budget?
Have you considered all the
costs involved with owning a home,
such as mortgage payments, utility
costs, property taxes, and
maintenance costs?
Photo credit 401(K) 2013 via Visual hunt CC BY-SA
Are you expecting any big
changes that will affect your
household budget in the near
future? For example, do you plan to
start a family or add other expenses,
such as car payments, that would
affect your budget?
For a step by step guide on mortgage shopping visit the following link:
http://www.fcac-acfc.gc.ca/Eng/resources/publications/mortgages/Pages/BuyingYo
-Acheterv-9.aspx
House Expense Worksheet
The following four pages include a Housing Expense worksheet for you to look at
for both the one time expenses and on going expenses.
The worksheet can be found online using the following link:
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/
planning-housing-budget.html
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