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Housing in Canada

                                                     
Are you ready to buy a new home?
buying the first house is a bit challenging task. you might not be sure what kind of house you should buy. Single-family house or duplex or townhouse. What you are looking for in your home?
Friendly Peaceful neighbor, close to amenities 
Community life, school, workplace
If you are planning to buy a house, you should start preparing beforehand. there is a step by step guide which can help you to prepare for buying a house;
Clear all your debts and start saving for future payment: “down payment” is the amount of money you put forward to buy a house. It is the portion of the total price of the home. It is advisable to make at least 20 percent of the total amount. It prevents paying CMHC default insurance. You should start managing your finances for your down payment because the larger the down payment amount, the higher the chances to get mortgage approval.
How you can manage the finances?  Start your saving plan, opening a high-interest savings account. Look for the banks that are offering higher interest rates for saving accounts. There are few banks that offer a nice interest rate such as tangerine bank offers a 2.5% interest rate for the first 5 months. EQ bank also has a good interest rate of 1.70%. Also, you need to put some money aside for other taxes and insurances. Legal fees, land transfer tax, GST/HST, mortgage default insurance, inspection fee are some other expenses to be kept in mind. House is among the biggest investments in Canada, so more investments.
Check your credit score: credit score is the rating used by the lenders to approve your mortgage. Higher credit score, a higher amount of approval for the mortgage. By checking your credit score at Equinox and Trans Union, you can see where you stand on credit score rating and you can improve your credit history in various ways. 
Get mortgage approval: you have your funds ready, you have enough for a 20% down payment, then go for preapproval. It is better to have your preapproval before your home search. It is best for first time home buyers as they are considered as serious homebuyers in the competitive market. You need your credit score, proof of income, and funds to get approval.
Find the house for sale in your surrounding: you can contact your real estate agent to make a housing list around you. You can tell your preferences which can help the real estate agent to make multiple house listing for you
Research neighborhood and attend open houses: whenever there is an open house near you, go there. Online 3D home tours are popular these days due to pandemic, which virtually provides the home tour. Look out for the overall condition of the house using all your senses. Observe it carefully. Do not hesitate to ask questions about the house.
Home inspection: a home inspection is a report of the property’s condition. Whether the heating or water system is properly working. Are the roof and flooring is in good condition? What needs to be fixed or replaced etc.
Stick to your budget: to avoid financial stress, always stick to your budget. Seller may offer you expensive deals but always stays with your budgets. Your monthly house expenses should not exceed 25% of your total earning.
Prepare for closing: your closing date means you become the owner of the house. 

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