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January 2024

Owning your first home is a big step and if you decide to buy rather than build, you might not know where to start. Rushing into a home purchase without following the right steps can have dire consequences. Here are the five key tips which will help you make sound choices:

Decide on the type of house that’s right for you

Do you prefer a house that’s move-in-ready or one with a lower price tag that requires renovation?

Would you like a starter home you can expand later or a forever home with all the room you need now and in the future?

Get pre-approved

It’s a good idea to get an estimate from a lender so you know how much of a mortgage you are eligible to borrow and therefore the maximum amount you can spend to buy the house of your dreams. Having a mortgage certificate or a pre-approval letter in hand may also give you a leg up if other offers are on the table.

Save for a downpayment

Your downpayment amount will depend on the terms of your loan, for example a 90% mortgage will require you to have a 10% downpayment.

Inspect the home thoroughly

Never rely solely on an online tour of a house. An online viewing can’t replace an in-person visit.

During your visit, use your senses. Do you detect any odours? Are there signs of mould?

The condition of the electrical and plumbing systems and the roof are also vitally important. Hire a professional to assess these to avoid post-purchase surprises.

Budget for closing costs

Beyond the fees and expenses that may be required to finalize your mortgage, you may also have property insurance and attorney fees to pay.

Get started

At AffinityPlus Credit Union, we offer Real Estate Loans to make your dream house a reality. Apply online or complete our contact form to have one of our helpful loan officers call you.

5 Tips for First-Time Home-Buyers