Tips For First Time Home Buyers

1. Don't overbuy on your first home --- everyone has a dream home in their preferred neighbourhood however know your budget and stick with it. You will be better off with smaller payments on your home and you can always upgrade it the future 

2. Know how much you can afford --- lenders have formulas to determine how much you can afford but they aren't always working in your best interest. Crunch some numbers yourself!

3. Downpayments --- aim for a 20% downpayment however you are able to purchase with only 5% down. If you pruchase a home $500,000 or less the minimum dowm payment is 5%. When purchasing above $500,000 the minimum downpayment is 5% for the first $500,000 and 10% for the remaining portion 

4. don't forget about closing costs --- on average closing costs for your home will be about 2.5% of the purchase price. Expect to pay for some of these; Legal Fees, Title Insurance, Property Survey, Land Transfer Tax (There will be an additional Transfer Tax if purchasing property in Toronto) , Mortage Broker Commission (if applicable), CMHC Insurance Premium (charged if you have less than 20% down payment)