RESIDENTIAL HOME BUYERS Most of the attention   these days has been focussed on first time buyers entering the housing market. However, for most people buying a home, whether for the first, second or tenth time the task takes on a life of its own. Add to that the variety of lenders, products, options and rates and even the most savvy of us can get confused trying to figure out what is truly best for our situation. Knowing the size of mortgage you can afford and are comfortable with can help narrow your options and bring focus to the task ahead. The following will be critical in determining affordability and qualification: combined household income available down payment (i.e. net equity from a house sale and/or cash from investments) outstanding debts (i.e. credit cards, loans, lines of credit) Determining affordability is usually as simple as a phone call or completing a request for pre-approval. Most real estate professionals will want to ensure you have been pre-approved BEFORE they take you out looking for a home, even if this is not your first time around. This is to ensure that they are not wasting your time by showing you property outside of your affordable price range. Before considering what a lender says you qualify for in the way of a monthly mortgage payment, make sure you have calculated how much YOU feel comfortable paying out each month. Stick as close as possible to what you are comfortable paying. While a higher payment may buy a bigger house, it can also leave you house poor. Structure your payments so that you can still afford simple luxuries, like the occasional vacation.

Articles for Residential Home Buyers: 95% MORTGAGE FINANCING Provides the guidelines for qualifying with a down payment of only 5%. Also covers what qualifies as a down payment under this program. 2006 HOME BUYERS' PLAN Covers some of the guidelines for withdrawing Registered Retirement Savings Plan (RRSP) funds tax free when purchasing a home. TRANSFER OR SWITCH MORTGAGES Provides general information and tips on moving your mortgage from one financial institution to another, whether before or upon maturity. Also check out Did You Know? as it covers information related to this topic as well. MORTGAGE FINANCING: Where Loan to Value is 75% to 90% of Purchase Price Provides information for qualifying with equity of less than 25%. Also, addresses owner occupied property with rental accommodation (i.e. suites or duplexes). MORTGAGE FINANCING: Where Loan to Value is 75% or Less of Purchase Price Provides information for qualifying with equity of 25% or greater. Also, addresses owner occupied property with rental accommodation (i.e. suites or duplexes). PROPERTY TRANSFER TAX INFORMATION Helps you determine whether you are exempt from paying this tax on your purchase or how much you must pay. GOODS & SERVICES TAX INFORMATION Helps you determine whether you are exempt from paying this tax on your purchase OR if you must pay, how much you must pay. COSTS TO CONSIDER WHEN BUYING RESIDENTIAL REAL ESTATE Identifies the various costs you will encounter when purchasing a property. FREQUENTLY ASKED QUESTIONS (FAQ) GLOSSARY OF TERMS RENTAL PROPERTIES MORTGAGE PREQUALIFIER

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