Your Journey to Homeownership Starts Here
Buying your first home is exciting, but it can also feel overwhelming. This guide breaks down the process into manageable steps to help you navigate your way to homeownership in Saskatchewan.
Step 1: Assess Your Financial Readiness
Check Your Credit Score
Your credit score plays a major role in mortgage approval and the rate you’ll receive. In Canada, scores range from 300-900:
- 760+: Excellent
- 700-759: Good
- 650-699: Fair
- Below 650: May need improvement
Calculate Your Budget
Consider all costs of homeownership:
- Mortgage payments
- Property taxes
- Home insurance
- Utilities
- Maintenance (budget 1-3% of home value annually)
Save for Your Down Payment
Minimum requirements:
- 5% for homes up to $500,000
- 10% for portion between $500,000-$999,999
- 20% for homes $1 million+
Step 2: Get Pre-Approved
A mortgage pre-approval:
- Shows you how much you can afford
- Locks in your interest rate for 60-120 days
- Demonstrates to sellers you’re a serious buyer
- Identifies any issues early in the process
Step 3: Find Your Home
Work with a Real Estate Agent
A buyer’s agent helps you:
- Find properties matching your criteria
- Navigate the local market
- Negotiate on your behalf
- Handle paperwork and deadlines
Know What You Want
Create a list of:
- Must-haves (bedrooms, location, etc.)
- Nice-to-haves (garage, yard, etc.)
- Deal-breakers
Step 4: Make an Offer
Your offer should include:
- Purchase price
- Deposit amount
- Conditions (financing, inspection)
- Closing date
- Inclusions (appliances, fixtures)
Step 5: Complete Conditions
Home Inspection
Hire a qualified inspector to examine:
- Structure and foundation
- Roof and exterior
- Plumbing and electrical
- Heating and cooling systems
- Potential issues
Finalize Your Mortgage
Submit all required documents:
- Income verification
- Employment letter
- Bank statements
- Property information
Step 6: Closing Day
On closing day, your lawyer will:
- Transfer the title to your name
- Register the mortgage
- Handle all payments
- Give you the keys!
First-Time Buyer Programs in Saskatchewan
Take advantage of available programs:
Home Buyers’ Plan (HBP)
Withdraw up to $35,000 from your RRSP tax-free for your first home.
First-Time Home Buyers’ Tax Credit
Claim up to $10,000 on your tax return for a non-refundable credit.
GST/HST New Housing Rebate
Get back a portion of GST paid on new construction.
Common Mistakes to Avoid
- Not getting pre-approved first
- Maxing out your budget
- Skipping the home inspection
- Forgetting about closing costs
- Making major purchases before closing
Ready to Start Your Journey?
Buying your first home is a big step, but you don’t have to do it alone. I’m here to guide you through every step of the mortgage process and help you find the perfect financing for your situation.
This is a placeholder blog post. Contact Bradley for personalized mortgage advice.