You might be thinking, woah, I am so far away from buying a house. That’s fine! If home ownership is a goal of yours, planning far in advance will save you so much trouble down the line.
Buying my house was such a rushed patch-job but it all worked out because luckily, I had all my ducks in a row. I had savings, I had time, and I had great credit.
Here’s a quick breakdown that might put you at ease and help you prepare if home-ownership is a goal.
5-7 years before house purchase:
- Start saving in your TFSA or RRSP (if you’re a first time home-buyer, an RRSP may benefit you)
- Use your credit card wisely to build your credit score
2-3 years before house purchase:
- Look at areas you want to live in and start looking at house prices to get a sense of how much money you should have
- Evaluate your finances and life situation
- Pay off debts or aggressively start paying debts off
1-2 years before house purchase
- Gather your information for a mortgage approval (letter of employment, income tax statement, finances etc.)
- Connect with a financial institution to get pre-approval
- Research house ownership horror stories *I like to be prepared for the worst
- Connect with an agent who can help you navigate the real estate market
- Look at houses and locations you’re interested in
- Research lawyers and insurance, touch base with them
During house purchase
- Connect with your lawyer and insurance agent
- View houses and inspect them
- Learn the basics of electrical/plumbing/house structures so you know what you’re looking at
- Start putting offers in and wait…
- Arrange your moving details
Here’s a handy little chart:
Each day lots of people apply for a home mortgage only to find themselves getting turned down. Why is that the case? What did these people do that caused their application to get denied? If you are wondering what it takes to get approved for a home mortgage, keep reading to get educated so you […]
via Get The Answers To Your Home Mortgage Concerns — cribverse4trumbore’s blog
