Home Buyer Guide 

1. Know Your Credit Rating

Knowing your credit report is simple, and helps to outline any errors because lenders will check it before approving you for a mortgage. Your credit report gives lenders crucial information on your past debts and whether you had issues or not around making your payments.While the credit score is important there are other important indicators in the report that give more insight into a person's ability to pay larger debts. 
The Financial Consumer Agency of Canada (FCAC), is a great resource that helps you understand how to order your credit report for free, as well as some general tips on how to improve your credit rating.
You can visit FCAC’s website through this link: itpaystoknow.gc.ca 














Applying Rent Payments To Credit Scores
The Canadian government recently passed legislation allowing renters to utilize the rental payments towards your credit score. This is great news for many renters as you can now build your credit scores up through paying your rent on time! 
 

2. Understanding Mortgage Options 

Mortgages sound complex but can be quite simple when you boil down the main concepts! There are a few popular mortgage options that each come with a few key benefits. Here are a couple of options below. ??
Fixed-rate mortgages: Just like it sounds the fixed-rate mortgage locks in your interest rate for a specified period of time.  Meaning your payments will not change for the mortgage’s term, which protects you from raising interest rates! 
Variable-rate mortgages: Rate of interest you pay may change if rates go up or down.
Conventional mortgages: The benefit of the conventional mortgage is that it allows you to bypass mortgage default insurance. However, it does require that you pay a down payment of 20% or more of the property's total value.
Closed mortgages: The mortgage cannot be paid off early without paying a prepayment charge.
Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a charge. The interest rate for an open mortgage may be higher than for a closed mortgage with the same term.

2. Government Support Programs 

FIRST-TIME HOME BUYERS’ TAX CREDIT
The first time buyers tax credit provides up to $750 in tax relief to assist first-time buyers with purchase costs. To learn more information you can reach out to me directly or check the site website: cra-arc.gc.ca
HOME BUYERS’ PLAN
First-time buyers can use a one-time withdrawal of up to $25,000 from a Registered Retirement Savings Plan to help purchase or even build a home. For more details, visit www.cra-arc.gc.ca
CMHC GREEN HOME PROGRAM
You may qualify for a refund of 10% on your mortgage default insurance and refund for a longer amortization period when you use CMHC-insured financing to buy or build an energy-efficient home or make energy-saving renovations. 
This is a great way to save money on heating, electricity, and on your homeownership costs!!
 

2. Choosing Your Style Of Preferred Home  

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