Getting pre-approved for a mortgage is your first step. This will tell you how much you can borrow, i.e. what kind of home you can afford, as well as indicate how much you’ll need for a down payment. Need assistance or ready to apply for a mortgage? Visit FamilyLending.ca
On average, buying a home takes 10-12 weeks, from starting your search online to closing, including a 30-45 day escrow period once the offer is accepted. Market conditions play a major factor in how fast homes are sold, however, meaning it could take much longer.
The minimum down payment you’d require on a home depends on the home’s purchase price. For homes costing $500,000 or less, the minimum down payment is 5% of the purchase price (in this case, $25,000). For homes costing $500,000-$999,999, the minimum down payment is 5% on the first $500,000 of the purchase price and 10%…
If you’ll need the built-up equity in your current home to make a down payment on the new home, you’ll need to sell your home first in order to access those assets. If you plan on keeping the property, for rental purposes for example, your lender will need to evaluate the feasibility and risk of…
Yes. Home inspections can reveal defects or other issues with the home that would not otherwise be detected, giving you the opportunity to negotiate their replacement and/or repair in the buying price with the seller.