Buying your first home in Ontario involves several steps. Here's a detailed guide to help you navigate the process:
1. Assess Your Financial Situation
- Determine Your Budget: Use online calculators to understand how much you can afford based on your income, expenses, and debts.
- Save for a Down Payment: Aim for at least 5% of the home’s purchase price, though a higher down payment (20% or more) can eliminate the need for mortgage insurance.
- Check Your Credit Score: Ensure your credit score is in good shape, as it impacts your mortgage rate and approval.
- Create a Savings Plan: Factor in...
