YOU ARE READY TO BUY A HOME - NOW WHAT?

It is important to be well informed before taking the important step of buying your home. The following steps can be taken if you are ready for homeownership.

1. Contact your financial institution, credit union, or a mortgage broker. It is important for you to understand the process of obtaining and maintaining a mortgage. Ask your financial advisor:
• How to qualify for a mortgage
• How the mortgage approval process works
• Why a strong credit history is important
• How the financing and closing process works
• How to avoid mortgage delinquencies, defaults and foreclosures.

2. Get a real estate agent - If you do not know one; start by looking for a Real Estate Professional in the Canadian Real Estate Association website www.crea.ca. This site will answer how a Real Estate Agent gets licensed by the province and what their responsibility is to you as the buyer and seller. Ask relatives, friends and co-workers for the names and phone numbers of real estate professional with whom they’ve worked.

3. Go online to do research on homeownership using www.cba.ca or www.cmhc.gc.ca; or, go to the library for more information.

4. Determine what type of home you want – It is important for you to think about the features of your dream home. Fill out this Home Check List to make sure you don’t forget anything.

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