Personal finance tips for home buyers

For most Canadians, buying their dream house is on their bucket list. Owning a home does not just allow you to build equity but also gives you more control of the property when compared to renting it. There are various responsibilities when it comes to being a house owner, and to be honest, not many are up for the task. If you are considering purchasing a home and require a home loan from private finance, below-mentioned are a few steps to keep in mind:

• Are you financially prepared to purchase a house?
• Will you be able to balance your housing expenses with your budget?
• Are you prepared to take on all the maintenance work that comes with owning a house?

Don’t worry. Our experienced mortgage agent in Mississauga will guide you every step of the way in the home buying process, ensuring you make a well-informed decision.
A few homebuyers get their mortgage application rejected due to insufficient, poor credit history and making a low down payment on the house. The aforementioned problems can be solved by having a co-signer on board. As the potential homebuyer, the down payment must be at least 5% of the property value. It will be difficult for their mortgage to get qualified if they make a small down payment, even if they have a good credit score. Another tip is that you can withdraw money from your Registered Retirement Savings Plan (RRSP) under the Home Buyer’s Plan of up to $35,000 or take out funds from your Tax-free Savings Account (TFSA) or any other investments.

Keep in mind that you need to adjust your expectations based on your specific needs and budget when choosing to buy a home. You must build equity to ensure your mortgage application gets qualified. For more information on home loan private finance, please do not hesitate to contact our mortgage agent in Mississauga today.