Episode 12: Your First Home: How to Start, Who to Call, and What to Avoid!

How to Get Into Your First Home

• What’s the first step in the homebuying journey?
• Should you talk to a realtor or a broker/bank first?

Understanding the Mortgage Process

• A high-level overview of what getting a mortgage looks like from start to finish.
• Does a credit check affect you?
  • Breaking down how credit inquiries work during the mortgage application process.

Income Types and Mortgage Approval

• How do different types of income (e.g., salaried, self-employed, commission) impact your mortgage application?

First-Time Homebuyer Benefits

• What perks and programs are available to first-time buyers?
  • Accounts to use: Exploring the FHSA and RRSP to maximize your savings.
  • Insured vs. Conventional Mortgages: What’s the difference, and what happens with properties over $1M?

Conditions and Down Payment Explained

• What are subjects and conditions when putting in an offer?
  • Learn how to protect yourself in a deal.
• Deposit vs. Down Payment: Understanding the difference and what’s required.

Common Questions About Buying a Home

• Can you finance a new vehicle while applying for a mortgage?
  • The potential risks of taking on new debt.
• Should you buy your “forever home” or just get into the market?
• The pros and cons of each approach.

Follow Our Hosts:

• Alex Pang
• Alex Shanks