BUYING A HOME OF YOUR OWN

So you've made the decision to move away from renting and embark on the journey of buying your very own home. You're not alone in this endeavor. With interest rates currently at historic lows, many individuals have come to realize that mortgage payments can be significantly lower, or at the very least comparable, to their current rental costs.

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Taking the step towards homeownership is the easy part, as acquiring a home is a fantastic investment in your future. For many people, keeping up with monthly mortgage payments and other associated homeownership expenses is manageable. However, what often poses a challenge for first-time buyers is the initial down payment required to secure a mortgage.

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Determining Your Affordability

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The first crucial aspect to consider is how much house you can realistically afford. Seeking assistance from a professional REALTOR® in this regard is highly recommended. A REALTOR® possesses the expertise to help you turn your dreams of homeownership into reality. They can assist you in assessing your needs and preferences, subsequently matching them with homes within your price range. Moreover, they will guide you through understanding property financing, taxes, insurance, and the overall process involved as a first-time buyer in completing a real estate transaction.

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Your REALTOR® can also provide valuable advice on ways to expedite your down payment savings. They might suggest utilizing government programs like an RRSP loan or the Ontario Home Ownership Savings Plan (OHOSP). Another option your REALTOR® can help explore is a high-ratio mortgage, which necessitates a smaller down payment compared to a conventional mortgage since it is insured by the CMHC (Canada Mortgage and Housing Corporation). For more information on these programs, consult your REALTOR®.

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Once you have determined your price range and devised a plan for your down payment, your REALTOR® will collaborate with you to discover the "home of your dreams." While most first homes are usually more modest than one's ultimate dream home, it serves as a significant starting point and will be considerably more affordable.

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When you find the right home, your REALTOR® will be there to negotiate on your behalf, striving to secure the best possible purchase price. They will ensure that your interests are well represented in the purchase and sale agreement while assisting you with all the necessary details to finalize the transaction.

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With a REALTOR® by your side, equipped with their knowledge, expertise, and negotiation skills, your first-time home buying experience can transform into a dream come true rather than a nightmare.