Whether you have spent years saving and preparing to buy a home, or you still aren't sure if 
it is something you can even dream of, the questions surrounding a first-time home purchase 
can feel endless.


Here are some tips to help you with the process of becoming your own landlord.

1. Prequalify for a loan

Being prequalified for a loan determines how much house you can afford. It also allows you to
move more swiftly when you find the right house, especially when you aren't the only interested
buyer.

2. Shop for mortgage rates and terms

A difference of even half a percentage point can make a huge difference in how much you pay 
over the life of a loan. For example, the difference in the monthly payment on a $100,000
mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.

3. Using a buyer agent

A buyer agent is legally responsible for representing the buyer's interest in a real estate
transaction. Generally, the buyer agent is compensated by the seller at the time you purchase
a new home. There are some limitations to using a buyer agent, however. Before you decide, 
have a Realtor explain the advantages and disadvantages of using a buyer agent. 

4. Features that help or hurt resale value

In some areas, a swimming pool actually detracts from a home's value and makes the home 
harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached 
garage may impact the home sale and future value. Your Realtor can point out features that 
hurt, as well as those that help, resale value.

5. Rate the houses you tour

After touring each home, write down what you liked and didn't like. Develop a rating system
which will help you narrow the field down to the house that's the best for you.

(Above information was taken from RE/MAX)


More information for Buyers can be found at: 

RE/MAX resource centre - BUYER'S GUIDE

Want to work out the monthly payment for your new home? The Mortgage calculator can certainly help you!

RBC Royal Bank

TD Canada Trust

BMO Bank of Montreal

Scotiabank

CIBC