The first step to buying a home is arranging a down payment. This amount is (at minimum) 5% of the purchase price of the home you're planning to buy, depending on your situation.
Second, you'll need to meet with a mortgage broker or your preferred bank to determine what you can afford. Shopping around for the best rate is highly recommended, along with using an expert to do so.
We also recommend to our clients to get pre-approved before they begin to home shopping process. This helps avoid heartache down the road, and ensure that you are shopping in the correct price ranges
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. In other words, do not apply for loan, change jobs, retire or make an expensive purchase.
If you would like a list of Signature Edmonton's trusted Mortgage Brokers, or Bank Representatives please do not hesitate to get in touch