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Buying our first home

My husband and I are wanting to buy a house this year, it would be our first home as we have always rented.

How do we go about this? Where do we start and what is the process?

We have no idea what we’re doing. Could use some tips on where to start and get pointed in the right direction. Thanks!

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46 Responses

  1. Liz Johnson Liz Johnson says:

    When I did it, we started with a mortgage broker (free to you as a buyer) who got us pre approved so we knew what we could afford. Then we called a realtor that was referred to us but I’m pretty sure you can cold call one that sounds good (again this is free to you) and they set up a meeting, talk about location wants, needs, etc and do all the hard work of arranging to view houses. Mine even put me in touch with a lawyer for the paperwork (not free) but overall as a buyer it was pretty easy.

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  2. We started by getting a mortgage pre-approval through Dominion Lending Centres (the Collin Bruce Mortgage Team) and they were super helpful in explaining what we needed to do going forward. Once we had the downpayment in place we made a list of what we were looking for in our home (house or condo, square footage, location, etc). Then we were recommended to contact Owen McCarthy through YEG Pro Realty and he has been fantastic! We just bought our first home and overall the experience has been pretty easy 🙂 He walked us through everything, and answered any and all questions we had! Good luck in your search!

    If you haven’t done so already, check out REALTOR.ca – it’ll show you houses or condos etc for sale in whatever area you choose, so you can get an idea of what you can get in what price range.

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  3. Randi Doucet Randi Doucet says:

    You have to get a pre-approval from a bank or mortgage broker first. Realtors or new builders won’t take you seriously until you have one. They’ll tell you the max you’ll be approved for and then you have to look in your price range. If you want to go new builds just visit show homes in communities you’re interested in and the show home reps will help you with everything. If you want to go with older homes find a realtor, they don’t charge you anything to use them (they take money out of the commission of selling the house) and they’ll help you with everything. Good luck!!

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  4. Corina Doyle Corina Doyle says:

    Whatever you think you can afford go less than that. There are always hidden expenses that arise…car repairs etc. If buying a previously owned get a home inspection

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  5. Ai Lee Ai Lee says:

    Dianna Miketon

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  6. Win Chan Win Chan says:

    How much downpayment do you have?
    You’d need >=6.5% of the purchase price you’re looking at (5% downpayment, 1.5% for closing costs).

    Then, usually the formula for the monthly mortgage payment you’re allowed is:
    0.4(monthly income) – 50% of condo fees/utilities – monthly property taxes – 3% of your credit card balances – your other monthly debt payments

    Where the mortgage payment allowance is calculated using a 4.84% rate, even if you’re not going to pay that much. Use the app “Canadian Mortgage” to calculate backwards how much home you can get with that mortgage payment room you have.

    e.g. You together bring in $8,000/month, condo fee $400, property taxes $200, owe $5,000 on a Visa, have a $200/month car payment:

    0.4($8000) – (0.5)400 – 200 – 0.03(5000) – 200 = $2450
    Which allows around a $430000 home given you have $27950 cash in your bank to put down and close.

    Get a pre-approval from a good mortgage broker – then you know what range you’re shopping in. Then do a lot of careful research on the area and type of property you’re looking for… and onward from there. Do not get too emotional and make sure it’s something you can see yourself living in for a long time. Don’t consider what you’re getting just today, but in the future if you choose to rent it/sell it.
    e.g. Even if you get a lot more house going out far, it’s going to be harder to sell, might gain less value, and you’ll spend more money on fuel and wear and tear on your vehicles.

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  7. Ruth Chalk Ruth Chalk says:

    If you find a house and you have an inspector come in and write up a report…… read the report

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  8. Look look look! Look at new show homes, go to open houses on Realto.ca, look at all types, styles and years. You’ll figure out what you actually like and need in a home. Don’t buy unless you love and adore the home. Your first home will never be 100% perfect, but it should be close. Also, write out what’s important to you guys. A big kitchen? Ensuite in the main bedroom? Finished basement? Finished yard? Garage?
    Good luck!

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  9. Adele Hammer Adele Hammer says:

    Call and talk to Sam Ireland. He is amazing and helped us with our home purchase

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  10. Nasab Radwan Nasab Radwan says:

    Khal Moustarah is pretty awesome. We get all our advuce from him and will be using him to sell our other house and buy another one.

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  11. Nancy Hack Nancy Hack says:

    Call Tyler Suchan realtor. He’s the best at explaining the whole thing!

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  12. Whatever your down payment is if you can put half of what that is aside for moving costs, hook ups, laywers fees, closing costs, small and large pieces of furniture you didn’t expect to need to purchase, cleaning costs of your old place. Always have a buffer for the unexpected. And don’t go for the full amount of what you qualify for. Start with a mortgage broker to get prequalified.

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  13. Sam Ireland Sam Ireland says:

    Thanks for the referral Adele! I’d be happy to help you with your questions. I have a free pdf comprehensive home buyers guide I can send you as well. Feel free to call or text me 780-893-5483, or message me here on Facebook.

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  14. You need to start by getting pre-approved by a mortgage broker so you know what kind of budget you’re working with. Once that is in place you can start looking at homes. If you would like advise on who to reach for a mortgage broker I can help. And for when you’re ready to look at homes I’m a realtor do I can help with that as well. There is no fee to using a mortgage broker or a realtor so make sure you are using professionals to protect your biggest asset. Chrystal Smith Remax call/ text anytime 780-722-1211.

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  15. If you want to avoid paying the CMHC you must put 20% down. I have attached a link that will provide answers to to common questions of first time home buyers! Good luck in your home search. I am in the industry so if have further questions feel free to message me.

    http://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html

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  16. Nel Anderson Nel Anderson says:

    Best to talk to a few realtors, find one you are comfortable with, one that won’t pressure you to buy until you “find the one that feels right” and will walk you through all the unknowns of making your first purchase, I deal with a lot of first time homebuyers if you would like to chat, obligation!

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  17. What part of the city are you looking at

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  18. Start with a mortgage broker – determine your budget, your down payment, know you will have closing costs, moving expenses, utility fees, etc.

    After that find a realtor you like and trust to help you work within your preapproved budget (note that preapproval doesn’t guarantee approval at the end of the day)

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  19. Jeana Lim Jeana Lim says:

    Isaac Kristensen is the best realtor out there! Really takes the time to guide you through the process 🙂

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  20. Contact a Realtor 🙂 they will point you in all the right directions. Call me 🙂

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  21. Try Michael Waddell. He helped us buy our house, was honest when the house was a mess or over priced, and gave us names of people he trusted for the inspection etc. He worked late to help us get an offer in. I highly recommend him!

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  22. I personally think owning a home is OVERRATED! Anything breaks down or needs repairs that’s your responsibility! And something always breaks! Something always needs fixing….. I’d buy to rent to someone and keep renting lol

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  23. Start at the bank or a broker. Get pre-approved so you know how much you will qualify for. Then start shopping. Approval will be subject to appraisal. Good luck. Exciting time for you both.

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  24. Check out City of Edmonton First Place Home Buyers. Free course, couple of hours for a few nights. Realtor, lawyer, building inspector will talk, lots of very good information and you may qualify for funds to pay closing cost.

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  25. Live as cheaply as you can to save up as much as you can for a huge downpayment.. then buy an affordable house – one where your mortgage is cheaper than rent.

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  26. Dan Williams Dan Williams says:

    I agree Khal is full of useful advuce

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  27. I can’t stress enough how much The Wealthy Barber helped me financially. The information is priceless! Consider a variable mortgage. Economy is still perfect for it.

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  28. Go get your preapproval first from your bank so you don’t waste time looking at houses out of your budget. Once you get preapproval then make a list of what you ‘need ‘and what you ‘want’ then get realtor to help you find your house but you’ll have to compromise cause its rare to get everything on the ‘want’ list.

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