Prepare a monthly budget and account for maintenance and renovation which are a normal part of homeownership. Then, finalize your mortgage, prepare for closing day and arrange to move.Īs a responsible homeowner, ensure that you make mortgage, property tax and insurance payments on time while setting aside an emergency fund for unexpected expenses. A realtor can guide you through the negotiation process.

After you find a home you wish to buy, you will need to submit an Offer to Purchase. You will want to assemble your team of professionals who will assist with the buying process, answer your questions and provide you with reliable information.īegin the search for a home by seeking the help of a realtor, searching online, reviewing newspaper ads or real estate magazines and/or spreading your intentions through word-of-mouth. Consider your current and future housing needs and what is important to you. Once you have a good understanding of your finances, think about the type of home you would like to buy and the location. Calculate CMHC insurance premiums for your mortgage. It is a good idea to meet with your mortgage professional to discuss your needs and get a mortgage pre-approval. Your mortgage amount is determined by household income, expenses, current. These tools will help you establish your financial situation, determine how much you can afford and the maximum price that you should be considering. Start by evaluating your financial readiness with the help of CMHC’s Household Budget, Mortgage Payment, Debt Service and Mortgage Affordability Calculators. Spend the time to educate yourself about the process of home buying and the responsibilities of homeownership.īefore you begin shopping for a home, know how much you can afford to spend. Avoid using your credit card for paying your expenses. Allocate money to save each month and build a cushion. Use tools like this Budget Calculator to make the process dynamic so you can add any unforeseen expenses in your next month’s budget. Take a moment to think through the advantages and disadvantages of both owning and renting. Evaluate your need and discuss with your spouse. Use our calculator to determine how much CMHC insurance. CMHC's Homebuying Step by Step guide walks you through five key steps to buying a home and includes a number of user-friendly worksheets and a helpful glossary. Mortgage default insurance (CMHC) is mandatory in Canada for down payments between 5 and 19.99.

Cmhc household budget calculator