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10 Steps to Prepare for Your First Home


10 Steps to Prepare for Homeownership

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  1. First determine how much you can afford and would like to spend on your new Toronto home. Generally, you can afford a home equal in value to three times your gross income.
  2. Create a wish list of what you’d like your new home to have. Then prioritize the features on your list. Click here to download our home buyer's questionaire.
  3. Research and narrow down three or four Toronto neighborhoods you’d like to live in. Remember to take into account items such as schools, recreational facilities, area expansion plans, and safety.
  4. Ensure you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 4 percent of the home price.
  5. Make sure your credit is in order. Obtain a copy of your credit report by contacting Equifiax or other providers.
  6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
  7. Start organizing all the documents a lender will need to preapprove you for a loan.
  8. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
  9. Start looking at available Toronto condos to get a feel of what is available.
  10. Contact us to help guide you through the process. Here's why...