For most people, their house will be the biggest purchase that they will make. This entails going through the following steps:

1. Assess your financials and needs
   1. How Much Can You Afford to Pay For a Home?
   2. Insuring Your Loan to Reduce Your Downpayment
   3. Using Your RRSPs to Increase Your Downpayment
   4. The Issue of Closing Costs
2. Choose a home
3. Make a purchase offer
4. Choose a mortgage
   1. Choosing Between a Fixed or Variable Mortgage Loan
   2. Choosing Your Amortization Period
   3. Which is Better: Saving for Your Retirement or Paying Down Your Mortgage?
5. Sign the deed of conveyance

While these steps seem simple, don’t forget that it is just a start. Becoming a homeowner can be much more complicated. Thus, you might want to contact one of our advisors to think about how to plan for your home renovation, how to use your home equity to refinance, how to plan your mortgage, etc.

You will also need to protect your property

• Mortgage Loan Insurance: To protect you and your family
• Home Insurance: To protect yourself financially against perils and risks

Here are some sources that can help you:

• Homebuying Step by Step
• Affordability Calculator
• Mortgage Calculator

At Prudentia, we are always here to help.