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A step-by-step guide for first-time homebuyers - Sagen - first time home buyers canada
A step-by-step guide for first-time homebuyers
SagenTM is a registered trademark of Genworth MI Canada Inc.
2020-06_SGN_BR_FIRSTHOME | (Last updated on 11.10.2020. Version 1)
Sagen's Role And Responsibilities
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Monday - Friday 8:00am - 9:00pm (ET)
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The Sagen Quebec Underwriting Centre at 1 (877) 470-4144:
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financially sound choices. Our website
provides advice on every step of the
homebuying process, from early-stage
goal-setting and financial planning, to house
hunting and financing, right up to closing day,
moving in and feathering your nest.
We invite you to check out our Tools and Resources on sagen.
ca to learn more about the home buying process.
Are you eager to begin your journey to homeownership?
Turn the page, and let's get started!
FirstHome: A step-by-step guide for first-time homebuyers 2
Contents
Dreaming of Homeownership
Rent vs Buy.................................................................................................4
Are you Ready for Homeownership................................................5
Financing
Affordability...............................................................................................6
Budgeting...................................................................................................7
Mortgages 101...........................................................................................8
House Hunting
Team Building............................................................................................9
Start Hunting.............................................................................................10
House Hunting Checklist.....................................................................11
The Buying Process
More on Mortgages................................................................................13
Walk-Through Before the Move-In................................................13
Credit Score Basics.................................................................................16
Closing and Moving In
Purge and Save.........................................................................................17
Closing Costs............................................................................................19
Moving Day Countdown......................................................................16
Home Sweet Home................................................................................21
Help in Difficult Times...........................................................................22
Kick off Your First Home Goals.........................................................19
Glossary
Mortgage terms every first-timer should know.........................24
FirstHome: A step-by-step guide for first-time homebuyers 3
Who qualifies as a first time home buyer? In laymans terms, the definition of a first-time buyer is an individual who has never owned a property before. To put it another way someone getting a mortgage who isn’t a homeowner, homemover, buy-to-let investor or just remortgaging is classed as a first-time buyer. However, there are a few nuances which make it a bit more complicated than that.
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