Found 3 blog entries tagged as first time home buyers.

Are you ready to purchase your first Edmonton home? Here are our top 12 tips for first-time buyers, just like you.

1. Get a Handle on the Process

What does the home buying process look like, exactly? With so many moving parts involved in any real estate transaction, we recommend learning more about the steps you’ll need to take ahead of time. Of course, your Edmonton REALTOR® will walk you through it all, but even the smallest amount of research will help reduce first-time buyer overwhelm.

2. Consider Your Credit

Your credit score is the first thing mortgage lenders will consider during the mortgage approval process. To avoid any surprises (and to secure a better interest rate), be sure to check your credit report beforehand. Keep in…

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If you’ve been dreaming about buying your first home but can’t seem to come up with enough cash, these first-time buyer programs may be the answer.

Home Buyers’ Plan

The Home Buyer’s Plan (HBP) allows first-time buyers (or anyone who hasn’t purchased a home in the last four years) borrow up to $35,000 from their RRSPs to put towards a down payment. The same applies to partners and spouses (for a total of $70,000), with the same four-year clause.

Details:

  • The qualifying home must be your primary residence
  • When applying for the HBP, you must provide a written agreement to purchase (or build)
  • RRSP funds must be available 90 days before purchase
  • Withdrawals under the HBP are tax-free but must be paid back in full within 15…

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How Do I Know If I’m Ready to Buy My First Home?  

While the “right” time to buy will vary based on your unique circumstances, here are a few signs you might be ready:

  1. Your credit is in good standing (more on that below) 
  2. How have a stable job 
  3. You’re planning on staying put 
  4. You’ve saved a down payment 
  5. You can afford monthly mortgage payments (as well as current debt payments, taxes, bills etc.) 
  6. You can afford maintenance and upkeep 
  7. You’ll still have money left over after you buy

Will My Credit Score Impact My Ability to Buy?  

Your credit score is one of the first things a lender will look at when deciding to qualify you for a mortgage. This is because your credit history is a clear indication as to whether you…

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