First Time Home Buyer in Toronto?

Buying a house in Toronto? If you’re a first-time home buyer in Toronto, you may be feeling overwhelmed right now. We’ll walk you through the entire process, step-by-step.

An actual yard. Closets bigger than your laptop. The freedom to paint your walls and drill holes wherever you darn well please. Buying your first home means never having to live like a renter again. That feeling is absolutely exhilarating.

And then the confusion of how to go about buying your first home sets in, and you become instantly overwhelmed.

Stop. Breathe. It’s gonna be okay. We promise.

We’ve been through the home buying process many, many times and we’ll help you make sense of it, too. Here are the main things you need to understand:

Your Credit Must be in Order

Whether or not you get a loan and at a decent interest rate depends on what your financial life looks like. Before you even start looking at houses, you need to get a copy of your credit report and make sure there are no errors on it. If there are mistakes, make sure to get those corrected as soon as possible. Knowing your credit score well in advance will save you heartache down the road.

Set a Realistic Budget

How much house can you really afford? There are a plethora of mortgage calculators online so make good use of them. Take into account any moving expenses you will have and any other debt you may still be carrying to determine a monthly mortgage payment you are comfortable with.

Figure Out Your Down Payment

It will help you to sit down with a mortgage broker or lender to help you determine the best amount for you to put down on a mortgage. Traditionally 20% was required for a home loan, but you can get loans by putting down as little as 3% these days. Some people will tell you if you have the 20% in savings to put it down as it will cut your payments way down. But there are times when putting less down can make sense, depending on your TOTAL financial picture. If you’d like, we can connect you to lenders who will help you come up with the right figure.

You’ll also want to do things like:

  • Research neighborhoods
  • Prioritize amenities and must-haves
  • Budget for miscellaneous homebuying expenses (home inspection, insurance, etc.)
  • Get your loan paperwork in order (we can help with that)
  • Get pre-approved

  • Choose a realtor (we’ve got a great recommendation for that. Spoiler alert: it’s us!)

We’ve Helped Hundreds of First-Time Home Buyers and We’d Love to Help You, Too

While we have helped all sorts pf people buy homes, land and condos in GTA, we specialize in helping first-time buyers make sense of the entire process. We always make ourselves available to answer any questions you may have and believe in taking the time to educate our clients on the ins and outs of the buying process.

Best of all, we offer a FREE one-hour consultation so you can get a feel for us and see if you’d like to work with us.

Whether you’re a first-time home buyer in Toronto or are buying a condo in Toronto for an investment, we can help you reach your financial goals.

Have any questions or want to schedule a consult? Just give us a call. We look forward to possibly helping you make one of the most important financial decisions of your life.