what do we need to do to become home owners?

Question

me and my SO want to become home owners. what do we need to start doing in order to become home owners. i know we can do it. and i know we need to start saving but what are some ways that helped you guys?

Answer

You need to save a large down payment, keep your debts in check  (any late payment may prevent you from getting the best rate), most lenders in Canada want you to be at the same job for 2 years with steady income. The best advice I can give is to make sure your making your payments on time and to not have too much (or too little! debt)

Answer

Open 2 credit cards... If ur credit is not so good ull have to gt a secured one... Then u keep it up for 4 to 5 months then apply for some other card... I have a vs card for my second choice... Pay those cards for a good yr to get ur credit up and then talk to a great realestate agent and they can put u in touch with their lender... Dont use quiken loans or a bs company like that... Also dont buy a car until after u purchase a home... Then when u get pre approved ull need a bit of money to put down depending on the type of financing ull qualify for... Based off ur credit score... At this time u do not open another credit card either... Make sure ur not over spending in ur account... Just normal bills but no splurging bc they will check ur bank statemants at least once a month until its time to close on the home u find and then like the day before u close they will ask for a final statement and u should make sure u have at least 3 grand in there... Also u have to have at least 2 credit cards bc u have to have each burrow pick up ur credit score and it cant pick up with just one line of credit... Alot of work but im about to purchase my first as well as soon as i find my "dream" home

Answer

If you haven't started saving then definitely start now.  I'd talk to a mortgage broker in your area to learn more about what you can afford to spend (there are a lot of online mortgage calculators as well). From there you can contact a real estate agent and he/she will help look at places in your price range.

Answer

get pre quolified from your bank ace get a mortgage rate also make sure you have no loans to pay. And then go to a Realtor and see what you can afford.

Answer

Get your debt to income patio down and get your credit score up. Good Luck!

what do we need to do to become home owners?

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