Home Buyer’s Checklist

First Time Home Buyers

Get a Copy of Your Credit Report. If you have no credit history or a poor credit history, you may need to reinstate good credit before getting a mortgage. Speak to your mortgage lender for more options. some of the most common:
Get a Pre-approval mortgage
Hire a Real Estate Broker
Provide your real estate broker with a search criteria (location, type of property, features, etc…) and inform broker of your pre approved amount.

R.R.S.P withdrawal up to $25,000 per person for your first home’s down payment
Down Payment (minimum of 5% for the first $500,000 and 10% for the remaining portion under $1,000,000. 20% down payment for $1,000,000 and up)
Home Inspection Fees
Land Transfer Tax

Any tax rebates
There are many up-front costs when you buy a home. Early planning will help make sure things go smoothly.
Deposit (a small amount to hold your offer of purchase. It will be deducted from the remainder of your mortgage)
Appraisal fees (given to mortgage lender to appraise the estimated value of your home. Average cost is abou $300)
Mortgage loan insurance premium (applies to those who are putting less than 20% down payment)
Mortgage Broker Fees
Home Inspection fee
Survey fees
Title insurance
Land registration fees
Water testing/septic tank testing (if applicable)
Estoppel certificate fee
Other costs include: moving costs, purchasing appliances, renovations or repairs