(NC) Home ownership is a dream for many in Canada and new research from RBC reveals that, across all cultures, the majority of newcomers who have come to Canada within the last five years consider this to be a goal of theirs.
With home ownership being top of mind even amid a tight housing market, it’s imperative for everyone to learn more about finances – including their own – to get ready for home lending, especially as inflation and interest rates are on the rise.
To prepare for homeownership, first-time buyers – including newcomers – should:
Figure out what you can afford: Creating a budget that factors in things like closing costs, insurance, utilities, and potential home repairs will help you set a realistic price range so you can balance home ownership with your lifestyle needs. It’s also important to consider how your costs or finances may change in the future, and what you could realistically manage if costs rise.
Understand your mortgage options: There are many mortgage features to choose from in Canada. Speaking with an advisor from an accredited mortgage lender is one of the best ways to make sense of all the options and will help reduce stress throughout the process. Gaining knowledge of everything involved in the home-buying journey will be a great asset in paving the way to home ownership.
Brush up on credit education: Learning what credit is and how to build a credit score is imperative in getting the most from your mortgage lender. A credit score is a deciding factor in how much mortgage you’ll get approved for – and what interest rates you’re offered. The higher your credit score, the larger the mortgage loan you’re likely to secure (and at lower interest rates).
For more information, visit rbc.com/newcomers.
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