Real Estate Blog - pre-approval

How to Become a Homeowner Without Becoming House-Poor

Buying your first home can be a daunting experience, but it's also an exciting milestone in your life. You might have heard about the challenges of homeownership, but don't worry, with the right preparation, you can become a confident homebuyer in no time. In this blog post, we'll explore some tips on how to prepare for buying your first home.

Set a Realistic Budget

Before embarking on your home buying journey, it's crucial to have a clear understanding of your financial situation. Take the time to review your income, expenses, and savings. Determine how much you can afford to spend on a home without putting yourself in financial jeopardy. Generally, your mortgage payment should not exceed 30% of your gross monthly income. Remember, your dream…

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Homeowner Checklist! [INFOGRAPHIC]

1. Figure out how much you can afford to spend on a home, including mortgage payments, property taxes, and insurance.

2. This will give you an idea of how much you can borrow and help you narrow down your search for a home.

3. A good agent can help you find the right home, negotiate the price, and guide you through the buying process.

4. Consider factors such as proximity to work, schools, and amenities, as well as the overall safety and desirability of the neighborhood.

5. Before closing the deal, have a professional inspector examine the property to ensure there are no major issues that could cost you later on.

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How To Get Pre-Approved For A Mortgage

If you're planning to buy a home, getting pre-approved for a mortgage is an important step to take. Not only will it give you a clear idea of how much house you can afford, but it can also help you make a stronger offer when you find the perfect property. Here are some things to consider in order to get pre-approved for a mortgage.

Check your credit score

Before you apply for a mortgage, it's important to know your credit score. This will help you determine if you're likely to be approved for a mortgage and what interest rate you can expect. You can check your credit score for free through websites like Equifax® Canada or TransUnion®.

Gather your documents

To get pre-approved for a mortgage, you'll need to provide documentation that…

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A Guide to Buying Your First Home

As a first-time homebuyer, navigating the Canadian real estate market can be a daunting task. With fluctuating interest rates and housing prices, it’s essential to do your research and be prepared before making any significant investments. Here’s a guide to help you buy your first home in today’s market.

Determine your budget

Before you start looking for a home, it’s crucial to establish your budget. You should consider your income, debts, and other monthly expenses when determining how much you can afford to spend on a home. Experts suggest that your monthly mortgage payment should not exceed 30% of your income.

Check out our mortgage calculator!

Save for a down payment

Typically, you need a down payment of at least 5% of the…

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The Difference Between Being Pre-Qualified and Pre-Approved

Purchasing a home can be confusing with all the different terms and requirements. Two steps involved in the mortgage process are pre-qualification and pre-approval. But what’s the difference between being pre-qualified and pre-approved?

Prospective homebuyers should consider getting pre-qualification at the onset of their home-buying process. It allows them to consider their budget and gain insight into their mortgage options.

Prospective homebuyers should consider getting pre-approval when they are more involved in the home-buying process, ideally within three months of the expected purchase date of their new home. It allows them to understand their financial position better and narrow their options.

Being Pre-Qualified

Getting…

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What’s Mortgage Pre-Approval? Canadian Real Estate Questions Answered.

To get pre-approved for a mortgage, do I just have to be really nice to the broker?  You have questions about Canadian real estate. Read on for answers.

Though you’re probably that aware posting selfies with the house you’re interested in buying and tallying “likes” has nothing to do with pre-approval. But you may have other questions about the Canadian housing market, mortgages, offer conditions and negotiations and selling. It can all be a little overwhelming, and sometimes you need help.

That’s why RE/MAX Canada decided to hit the streets and talk with Canadians, to see what real estate questions they may need answers to.

How Much do People Really Know About Canadian Real Estate?

How much does the average person…

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What Are the Steps to Buying a Home?

What are the steps to buying a home? You’re starting to think about becoming a homeowner, or maybe you’ve even started to look at listings. Either way, you likely have lots of questions, from the general “how tos” to specific queries around financing, different home types and locations, to how to make an offer. To help simplify what can be a complicated process, we’ve outlined the steps to buying a house in Canada.

What Are the Steps to Buying a Home?

There’s a lot to do, but we’ve narrowed it down. Here’s our 10-step home buying process checklist to get you started!

1. Choose a real estate agent that’s right for you.

A home is a huge investment, so work with a realtor that’s knowledgeable, professional and…

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What It Means to Be House Poor – and How to Avoid It

You’ve got your mortgage pre-approval, and you’re shopping the market for your perfect home. If you find one that’s priced too close to your limit, you run the risk of being house poor. Let’s look at what it is, what you can do to avoid it, and what to do if you are already house poor.

The Costs of Owning a Home

When you begin the process of looking for a home, you may think that the amount in your pre-approval letter and the house sale price are the only things that matter, but that’s not the case. There are several other costs associated with buying and maintaining a home that people often overlook:

Utilities – Your home needs water, electricity, and natural gas to run. You may also require utilities like internet and possibly city services…

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How to Make an Offer on a House

Regardless of where you’re buying or the market conditions, there’s one thing every homebuyer has in common: you have to make an offer to purchase a home. Whether you’re still in the browsing stages or have started to put your plan into action, as a prospective buyer, it is wise to do some legwork and gain insight into the process of making an offer. While your real estate agent is there to guide you, the more you know about the home-buying process, the smoother it will be. A smooth process is especially pivotal in a seller’s market, where you’ll need to act fast and take quick and decisive action when you find a property that interests you. This makes understanding how to make an offer on a house essential.

How to Make an…

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Real Estate Tips for Buyers from REALTORS®

Buying a home is no easy task. It’s likely the biggest investment you’ll ever make in your lifetime and there are so many things you need to take into consideration, like where you should live, how much you can afford to spend, and when the right time to move is. 

These are just some of the questions that buyers need answers to—and truthfully, just the tip of the iceberg when it comes to buying a home. With the help of a REALTOR®, you’ll be able to answer these questions for yourself and get a better sense of what the home buying journey looks like for you.

We asked a few REALTORS® for some of the advice they give to home buyers, whether it’s their first home or they’re downsizing, to help them feel more confident in the process. 

When is…

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