So you’re ready to buy a new home? Whether you’re a first time home buyer or you’re looking to upgrade or downsize, the first step in the home buying process is financing. In Canada home buyers need to have a minimum of a 5% down payment but there’s a lot more to know when it comes to financing your home. In this guide, we will cover the main three steps in the home financing process:
- Choosing a mortgage lender
- Getting pre-approved for a mortgage
- Making important home financing decisions
Step 1 – Choose the right mortgage lender for you
There are a lot of options out there when you are choosing a mortgage lender. We recommend that you talk to a couple of different mortgage lenders to see what they offer and to make sure that their communication style works for you. There are three main categories of mortgage lenders.
- Credit Unions
- Mortgage Brokers
We compiled the pro’s and con’s of each type below:
The major banks in Canada...