Homebuyers Road Map En

7/30/2019 Homebuyers Road Map En

1/12

OFFER

Homebuyers

road map


2/12

Navigatingwitha

REALTOR

reaLTors

xinc invthing

n t knw

n whn

ing h.

y reaLTor cn hl :

Navigatthhingpcandpapwkftattnih,ningvthingwthlwithtanpi.

Findthighth,inthnighhdwant,atapiccanad.

Cpapptwithiilapptithathavldvthpata.

Gtaflfthnighhdincldingchl,pakandthaniti.

Findtifaligilfgvnnthwnhipincntivpga.

Atgagpdctanddinttpflndtwhattnd.

Ngtiatpchapicandcntactt,chadatfpin,qidpai,inclddfnihingqipnt.

Dictthghcplxcntact.

Findqalidindtpfinal,chaaltatlaw,happaiandhinpct.

Planfclingctandthlatdxpn.

Homebuyers road map2Thfllwinginfatinifinfatinppnlandintlgaladvicatittflgalcnl.


3/12

Wht ln qi?

mtgaglndtwcalclatint

hlpdtinligiilitfatgagGDtsvic(GDs)atiandTtalDtsvic(TDs)ati.

yGDsatiithpcntagfgnthlincdftgagpant,taxandhatingct-ifaingacndini-halffthnthlaintnancf.Aagnallfth,GDsatihldntthan32%fgnthlinc.

yTDsatiithpcntagfgnthlincqidtcvnthlhingct,plallthdtpant,chacalanla,cditcadpant,linfcditpantandanthdt.Gnall,TDsatihldntthan40%fgnthlinc.

Hv n -v?

Gttingp-appvdfatgagflkingatpptigivaaliticxpctatinfwhatcanad.

Hwv,kpinindthatthp-appvdantcanvtiatwhatcanactalladtpa.

P-appvaldntgaantwillappvdncactallapplifaktcnditin,inttat,pnalcictancchang.

d knw cit ting?

odacpfcditpttakitdntcntainancalndwillchckitfappving

fatgag.Acditptiaafnancialhitandhwwhthnthavhadanplinthpatpaingdt.

ThFinancialCnAgncfCanada(FCAC),afdalgvnntagnc,hatipnhwtdcditptffandhwtipvcditating.ViitFCACwitat:www.ittknw.gc.c.

Assess your presenthousehold budget and your

annual income to determinei you are eligible or a

mortgage and how much

you can comortably aord.

Also check out the MortgageAordability Calculator

at www.REALTOR.ca.

1. a Finncil rin

Homebuyers road map 3


4/12

Wht t tgg i t ?

Fixdattgag:yinttatilckdinfapcidpidcalldat.ypanttathafthtgagtwillntpaifinttatincavti.

Vaialattgag:ratfinttpaachangifatgpdwn.

Cnvntinaltgag:rqiadwnpantfthan20%fthpptval.yantqidtgttgagdfaltinancwithacnvntinaltgag.

Cldtgag:Thtgagcanntpaidffalwithtpaingappantchag.

opntgag:Atgagthatcanpaidatantidingtht,withthavingtpaachag.Thinttatfanpntgagahighthanfacldtgagwiththat.

Wht tgg t t ?

Ptaltgag:Ifllxitingh,cantanftgagtnwhwhilkpingxitinginttat.yaaltavidppantchagptingtgag.

Ppantpivilg:ycanaklp-ppantincanthlpantwiththavingtpaachag.

Thicanhlppatgagqickandavninttchag.

Hw tn cn k nt?

bwitchingfnthlpanttacclatdwkliwklpant,canpatgagfat.explptinftgagpantandhwchinttcldav

ingFCACmtgagCalclatTlat:www.ittknw.gc.c.

2. Cni mtgg otin

Homebuyers road map4

A mortgage is a loan,generally used to buy a

property. How much you paydepends on how much youborrow (the principal), the

loans interest rate, and howlong you take to pay it back

(the amortization period).

Do not be araid to negotiateinterest rates and mortgageterms with dierent lenders.

They are oering you a

product and talking to morethan one lender helps you

make an inormed decision.


5/12

Wht t tgg chg ight hv t ?

yahavtpachagifppalagptinftgagalifaktgagdtnfnlifchang,chaaitalakdwn,dathfaplcatingfaj.

Itiighttknwhwlndcalclatppantchag.radtgagcntactcafllandakndtandhwchagwillcalclatd

fign.Hw ch n wn nt?

Adwnpantithptinfthpptpicntnancdthtgag.ywillndadwnpantfatlat5%fthpchapicfthh.Fxapl,tahf$200,000,willndatlat$10,000a

dwnpant.Ifdwnpantilthan20%,willndtgagdfaltinanc.



6/12

a lnning t ch t with l thn 20%wn nt?

If,qitgagdfaltinancwhichgnalladd0.5%t3%tthctfthtgagdpndingnthttalantwd.

mtgagdfaltinancnaltpchaahwithainidwnpantf5%(10%flti-nitdwlling)withinttatcpaaltthfacnvntinaltgag.

majpvidftgagdfaltinancincldCanadamtgagandHingCpatin(CmHC),GnwthFinancialCanada,andCanadaGaantmtgagInancCpan.

3. mtgg dlt Innc


When you buy a home

with less than a 20% down

payment, the mortgage

needs to be insured

against deault. This typeo insurance protects the

mortgage lender in case

you are not able to make

your mortgage payments.

It does not protect you.


7/12

Fit-TiHbTaxCdita$5,000nn-fndalinctaxcditnaqalifingh.Thcditpvid

pt$750intaxliftaitt-tiwithpchact.Finfatin,chckthCanadarvnAgnc(CrA)wit:www.c-c.gc.c.

HbPlanan-tiwithdawalpt$25,000fargitdrtintsavingPlan(rrsP)t-tithlppcha

ildah.Gnall,havtpaallwithdawalfrrsPwithin15a.Fdtail,viitCrAwitat:www.c-c.gc.c.

CmHCGnHpgawhnCmHC-indnancingtildanng-cinthakng-avingnvatin,aqaliffapifndf10%n

tgagdfaltinancandapifndfalngatizatinpid(ifapplical).ChcktCmHCwitfinfatin:www.chc.c.

Gvnntpgacanchangvti.Fthtp-t-datinfatin,ftsvicCanadawit:

www.viccn.gc.c .

4. rch Gvnnt pg


The ederal government

has assistance programs

to help homebuyers.

Research government

program requirements to

see i you are eligible.


8/12

Wh wnt t liv?

uan,ancnt?

Willndtct?Dndacctplictanit?Hwchwillctingct?

Athchlna?Hwwillchildngtth?

Wht t h ?

singl-faildtachdhtandalnnthiwnlt.

singl-faili-dtachdhajindnnidtanthh.

Dplxcntaintwingl-failh,navthth.

rwh(twnh)avalingl-failnit,lcatdnxttnanthandjindcnwall.

othtpfhincldtackdtwnh,linkcaiagh,

cndiniandc-papatnt.

Wht th t wnhi?

Freehold

ywnthlandandhandapnilfvthinginidandtidfthh.

Condominium ownership

ywnnitandhawnhipfcnpac.Thcndiniaciatinipnilfpkpfthildingandcnintilnt,chahall,lvat,pakinggaag

andthgnd.ypaanthlftthcndiniaciatintcvaintnancct.Thfvaitcanftnincldtiliti,TVvicandtax.yaalhavtntpakingpac.

Cndftnhavtictlgadingni,fcnaaandnvatintnit.bawafcndlf

pttinginan.

5. Fining H


Finding your perect home

can be a long process. Your

REALTOR will help identiy

the right type o home

or you and continually

research new listings inneighbourhoods that meet

your needs.

Check out

www.howrealtorshelp.ca

to see how your REALTOR

can make the home buyingprocess easier or you!


9/12

Co-operatives

siilatcndtintadfwning

nit,wnhainthntiildingcplxwithththidnt.C-pidntpafaintnancandpaithghnthlfandajcttthlandglatinfthc-pad.

bawathatifdcidtllntha,thc-padhathighttjctppctivtnant.radthc-plfakingan.

Check outwww.REALTOR.ca to see

personalized listings or a variety o dierent

housing and homeownership types.



10/12

Wht i n ?

Aniafal,lgalagntt

pchaahandilgallindingncaccptdthll.otpchaahcanadcnditinalnfactchanancingahinpctin.Ifanfthcnditinantt,canchangcanclth,vnifthllhaaladaccptdit.

d hv n ?

ywillndtpntadpitalngwith.Thantvaiadnthhpchapicandthakt.

d hv -t-t intifctin?

ThfdalProceeds o Crime (MoneyLaundering) and Terrorist Financing Act(PCmLTFA)qireALTorstidntifclintinvlvdinthingandllingfaltat.reALTorsndtcdna,add,datfithandccpatinfthilwhichakptfatlatva.Thndtvalidgvnnt-idID.

ThFinancialTanactinandrptAnaliCntfCanada(FINTrAC)pvidinfatinatthActnit

wit:www.fntc-cn.gc.c.


6. mking n oOFFER

Ater seeing many

dierent homes, you

have fnally ound one

worthy o an oer! What

are the next steps?


11/12

Hw ch ln tn tx will hv t ?

Thlandtanftaxian-titaxlvidpvincwhnpchaappt.Thtaxiadnapcntagfthpchapicfthppt,andvaifpvinctpvinc.snicipalitialchagalandtanftax(fxapl,Tnt).

Hv gt th citlgl ct?

Lgalctcvlawf,

inQc,ntaf.Thaincld:

rviwingthtfth

Cndctingatitlachnthppt

rgitinganwtitl

otaininglvantdcnt,chavandvidncflinnthppt

Chckingthtatntfadjtntf

tax,tilitandflill,andthctthathavnp-paidthllatthdatfcling

d n h inctin?

Ahinpctaappt

cnditinandcantllifthingintwkingppl,ndtchangd,inaf.Thaaltidntifwhthhavnplinthpat,chaalakinganttitdaag.

Wht th ct cn xct?

Inttadjtnttwndatfclingandttgagpant

GsT/HsTnanwhahthat

nxtnivlnvatd svicchagftilitcpanifhk-pnlcticit,ga,intntandtlphnvic

Appaialf

mvingct

stagctiftlavcntidncfaaltvintnwh

Fnitandapplianc

raltatciin


7. Cling n rlt Ct

Closing costs are the

legal, administrative

and disbursement ees

associated with buying

a home. Understandingthese ees will help you

budget more accurately.

Remember these are

additional costs over

and above the price o

the home.Now that you have arrived at yourdestination, its time to enjoy your new home!


12/12

OFFER

Homebuyers

road mapwww.c.cwww.ittknw.gc.c

ThtadakreALTor,reALTors,andthreALTorlgacntlldThCanadianraletatAciatin(CreA)andidntifaltatpfinalwhafCreA.

Homebuyers Road Map En

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