Whether you are looking for your first place, ready to upsize or just wanting a change, here are 6 easy steps that can make buying your new home a little easier.

1. Work with an advisor 

You don’t have to figure out your plan alone. Talk to an advisor. They will be able to look at your situation, provide the right resources, budgeting tools and craft an action plan that will help you find a house to call home.

2. Save for a down payment

From the minimum requirement, mortgage default insurance and stress test regulations, there are many factors to consider when it comes to saving for a down payment.

A down payment is only a piece of the pie. Some other expenses to consider are land transfer tax, GST charges, realtor and lawyer fees, title insurance and home inspection costs.

3. Create a budget

So now you’ve thought about your pre-mortgage expenses, but a mortgage is just the tip of the iceberg. A budget is a great way to estimate what your monthly expenses could look like once you’re in your new home.

From moving expenses, strata fees, electricity costs and property taxes – there’s a lot to consider!

Online tools, like mortgage affordability and property tax calculators, are a great way to estimate what your mortgage payment and monthly expenses add up to.

4. Take advantage of promotions, low rates, grants and rebates

Get the best bang for your buck by researching different offers, discounts and rates before signing on the dotted line.

If this is your first home, you may be eligible for Home Buyers Plan (HBP). The HBP is a federal program where you can withdraw up to $35,000 from your RRSP, tax-free. For more information about the program, visit the Government of Canada website or talk to an advisor.

The Government of Canada’s First-Time Home Buyer Incentive (FTHBI) is another program designed to make home ownership more affordable. The FTHBI offers an incentive for qualified applicants to borrow between 5% to 10% of the purchase price of the home from the government. This money can be put towards your mortgage, making home ownership easier.

If you’re purchasing a newly built or heavily renovated home, you may be eligible for the GST or HST rebate.

5. Get pre-approved

You wouldn’t go shopping without knowing what’s in your bank account, right? A pre-approval will tell you what you can afford to purchase, so you can start searching for your home with ease. It also allows you to lock in a great rate early. We know it takes time to find just the right home and are glad to offer a 120-day rate guarantee. So get peace of mind knowing that you have your financing arranged and that your rate won’t change.

Keep in mind, you will need to pass the stress test to qualify for a mortgage. This shows the lender that you are purchasing within your budget and can continue to make payments even if rates increase. Ask your advisor for more details on this when you’re applying for your mortgage.

6. Put in an offer and seal the deal

Put that down payment to good use! Once you’ve found “the one”, it’s time to put in an offer, seal the deal and it’s home sweet home. Get ready to create new memories (and make mortgage payments).