Zoocasa
Real Estate Sold Prices
Calculator
Map
Property Trends & Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
Zoocasa
Home Buying a Home

Thinking about buying this year?

Zoocasa by Zoocasa
March 17, 2011
in Buying a Home
2 min read
Share
Tweet
Share
0 Shares

You’re sick of paying rent, have steady income and are ready for a long-term financial commitment and you want to lock in your mortgage rate before the new rules come into effect!

Before your after work appointment with the mortgage broker, answer the following questions, which may have you reconsidering your situation:

Can you really afford a mortgage? You should have taken the time to figure out the cost of renting vs. owning – use an online calculator that assesses the monthly costs you are currently avoiding as a renter (utilities, taxes, home insurance, etc.)

How much have your saved for a down payment? Yes you can put down less than 20% for a down payment and even withdraw from your RRSP or be able to apply for the First-Time Home Buyer tax credit. But are you using all of your savings to do so and will this make you “house poor”?  Consider the advantages of putting down 20% versus 5% (the current minimum amount).

What’s your credit rating like? You should definitely get a copy of your credit score to see what type of rating you have as it will affect the type of mortgage financing you can expect and depending on your history, you may even be denied a loan!

Are you prepared for extra costs? Often times when most of us think of buying a home only down payment and mortgage springs to mind. Well how about legal fees, land transfer tax or even moving expenses and hiring a home inspector? It’s a good idea to research all potential costs and factor that into your calculations.

Despite looming interest rate increases, inflation and the teeter-tottering of the housing market, if you still believe that real estate is a sound investment and at the top of your bucket list, then perhaps 2011 remains a good year for you to buy. Nothing in life is certain anyhow. We all still have to keep moving forward so if you do the research and prepare yourself as best you can, then all there’s left to do is go ahead and make those life altering decisions!
Previous Post

Understanding Your Credit Report

Next Post

New Mortgages rules in effect today, March 18th – Were you prepared?

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

Great News for Buyers – Home Prices are Dropping in the GTA: TRREB
Affordability

Great News for Buyers – Home Prices are Dropping in the GTA: TRREB

May 4, 2022
What Is Steering, And What Are My Rights As a Home Buyer?
Buying a Home

What Is Steering, And What Are My Rights As a Home Buyer?

October 25, 2021
These are the Best Places to Buy Real Estate in Canada in 2021
Buying a Home

These are the Best Places to Buy Real Estate in Canada in 2021

July 6, 2021

Blog Search

No Result
View All Result

Recent Articles

Entering A Balanced Market Spells Relief for Many Buyers: CREA

Entering A Balanced Market Spells Relief for Many Buyers: CREA

May 16, 2022
New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

New Owner of the Cheapest Home in GTA has Big Plans for Her “250 Square Feet of Paradise”

May 13, 2022
Now is the Time to Sell: Durham Cities Currently Have the Shortest Average Property Days on Market

Now is the Time to Sell: Durham Cities Currently Have the Shortest Average Property Days on Market

May 12, 2022
Updated: 7 Houses Under $900,000 For Sale in Mississauga

Updated: 7 Houses Under $900,000 For Sale in Mississauga

May 11, 2022
first-time home buyer programs and rebates

Featured Listings (Updated Weekly)

Updated: 7 Houses Under $900,000 For Sale in Mississauga

Updated: 7 Houses Under $900,000 For Sale in Mississauga

May 11, 2022
Hidden Gems in London, ON Currently Listed for Sale Under $540,000

Hidden Gems in London, ON Currently Listed for Sale Under $540,000

May 6, 2022
Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

Updated: Cheapest Toronto Homes Currently Listed for Sale Under $1,000,000

May 3, 2022
The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

The Cheapest Toronto Condos Currently Listed for Sale Under $600,000

May 2, 2022

Social Media

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

About Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.

Newsletter Sign-up

Join 130,000+ weekly subscribers. Don’t miss important real estate news, market data, and buying and selling tips: sign-up here.

Social Media

Zoocasa Tools

MLS Listings Canada
Search Sold Listings
iOS App
Android App
Find an Agent
Contact Us

  • Homes & Real Estate Properties
  • Terms of Use
  • Privacy Policy
  • Contact Us

© 2015 - 2022 Zoocasa Realty Inc., Brokerage

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

© 2015 - 2022 Zoocasa Realty Inc., Brokerage