Statistics show that roughly half a million homes were bought last year across Canada. These ten tips should help you to become more aware of the buying process, if you plan to become a part of this year’s statistic.

First, let’s take a look at your involvement.

  • Be sure to pay your bills on time. The goal here is to get your credit history as neat and tidy as possible. This will help you get a lower mortgage rate and make getting the financing you need easier.
  • Before going house searching, check your credit report thoroughly. Any errors contained on any of the three major credit bureau reporting agencies should be corrected as quickly as possible.
  • Be practical about the amount of the monthly mortgage payment that you will be able to afford. To help you with this calculation, all banks have calculators that can be found in the Home Lending sections on their web sites.
  • Become aware of the real estate terminology. Knowing what terms such as "escrow" and "points" will help you intelligently join in the conversation and make the process clearer.
  • The first trip to take is to see your lender. They will be able to give you an accurate range of the amount of money you can afford to buy your new home.
  • Make several trips to several lenders. In other words, shop around. Compare the rates and terms different lenders will be offering you. Ask them to confirm your own calculations as to how much of a monthly payment you can afford. When you decide on a lender, get prequalified before going shopping.
  • Read and understand everything you sign. This is a point that cannot be overemphasized. Closing costs and fees are expenses home buyers often ignore or overlook. Ask if there are additional costs if you decide to refinance at a later date or if you choose to prepay your mortgage.
  • Your lender will be an active part of the process, so be sure to establish good communication with them. Be responsive to any requests they may have and get the information they need as quickly as possible.
  • Be as objective as possible when searching for a home in the Walkerton area. Make a list of the essential qualities the home must have, then the things you want, and finally, the things that will almost guarantee you will buy the house. Do not make major changes to the list; otherwise you will be searching without a plan.
  • Take the time to visit as many Walkerton homes for sale as possible, making notes of why you prefer one home over another.