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Buying your first home is a serious decision! But from the moment the idea is born to the first turn of the key, there are quite a few steps you need to take.
La Capitale’s team of seasoned professionals will guide you every step of the way so that you can make an informed investment, by taking into account all the financial implications of homeownership.
Whether you’re looking to finance your home or to meet your insurance needs, we’ll be able to offer you sound advice.
Buying your first home is a serious decision. From the moment the idea is born to the the first turn of the key, there are quite a few steps you need to take.
Identify your needs
Before beginning your house hunt, you need to clearly identify your needs.
Complete the "House Feature Checklist" (PDF - 10 KB).
Assess your financial means using our tools
Put together a down payment
Many people will tell you that your down payment has to be at least 20%. Think again!
You can make a down payment as low as 5% of the price you pay for the home (5% for a duplex and 10% for a triplex). However, if your down payment is less than 20%, your mortgage loan must be insured by the Canada Mortgage and Housing Corporation (CMHC), which will incur some fees.
As a first-time homebuyer, you can use your
RRSP towards your down payment
Find out more about the HBP
(Home Buyers' Plan)
Inspect your future home
While we recommend that you have the final inspection done by a professional, you can do an initial inspection yourself using our Home Hunting Worksheet. (PDF - 33 KB).
Choose your mortgage
Simplify your budget planning process by knowing ahead of time the amount of your mortgage payments.
Save as much as you can on your mortgage by adjusting your interest rate every 3 or 12 months for the next five years.
Remember to factor in start-up fees
Whether you're buying a new home, an existing home or a condo, you need to factor in certain expenses in addition to your mortgage payments.
Protect your investment
Once you become a homeowner, insuring your investment from unforeseen events will be important. Listed below are the insurance products that you should take out after you purchase a home.