If home buying is on your to-do list in 2018, there are some tasks to tackle before you hit the streets. Many New Year’s Resolutions relate to finances, and rightly so. A home is likely the biggest investment you’ll make in your lifetime, so here are a few New Year’s Resolutions that you’ll definitely want to keep.
Start Saving for your Down Payment
This can be the most difficult part of the home buying process. To avoid taking out a high ratio mortgage you’ll need to save at least 20%. It is important to consider how you will come up with the money, whether it be RRSP’s, savings or financial help.
Check/Clean Up Your Credit
Remember that cell phone bill you didn’t pay on time? Even a payment late by one day is still late. If you are not happy with your credit score take some time to work on it before you start the pre-qualifying process.
Did you know that getting pre-approved can lock you into an interest rate for 90 days and you are under no obligation to buy or even work with that lender? All it is, is written confirmation of your lending amount and promised rate.
Looking online is a great way to see what’s out there. Know a neighbourhood you like? Why not try taking a drive around it to get a first-hand look at what it’s really like? Also, think about your day to day needs and how they may change and when.