Have you ever daydreamed about owning a house in Canada? You sure have. Or do you
already own it and are looking for some sort of refinancing?
There are countless ways to earn that knowledge. You can pick up some books or can discuss
them with the people around you. All of them make sense and are not thoroughly inaccurate,
but sometimes, it is best to learn from the industry experts.
Hi, this is Mujtaba Syed. I am a Mortgage Specialist.

 

 

I know having a house is no small dream. I do understand the complexities and significance of
home buying procedures, and other things related to mortgage.
I am about to set on a journey that will end you in getting a house of your dreams. Surely, it is
time that you get more excited and think about the possibilities of what type of house you are
looking for. Where do you want it to be? Will it be sufficient for your needs? What other factors
will you consider?
Here is what you will learn from this course:
✅Learn the preliminary steps to buying a home

✅Learn how to save for a down payment

✅Understanding about Down Payments

✅Considering your income in making a decision.

✅Unleash the first-time Home Buyer Options

✅Learn the incentive Programs

 

Session 1: Saving to Buy A Home

So let me help you throughout this wonderful experience and add some more thrill. Welcome to
the journey of your life!

How To Save For A Home Down Payment

Moving swiftly on, let’s discuss how you can save for the down payment and most importantly,
what is your source of earning.

I suggest you set a monthly budget!

This would definitely give you a brighter picture of your current ability to pay the down payment.
But, It surely isn’t something you should worry about or stop getting excited, because you don’t
have to save for the complete down payment.

 

 

More About Down Payments

You might have heard of the famous slogan ‘The more you spend, the more you save.’ In spite
of different views on that statement, when we talk about down payments, it actually matters. As
in the earlier video, I told that the minimum down payment requirements now in Canada is 5%
but one may ask, what are the benefits if you put more than that for like 10% or 15% or even
20%?

 

 

Income Considerations

Here comes the best part to see what is your source of income. It is the most important factor to
be considered because no matter how much you are paying for the down payment, banks will
always need confirmation of how you can arrange for the installments. As you know there can
be multiple sources of income so the bank will inspect according to the source itself. However,
even if you are on probationary that doesn’t mean you cannot apply for the mortgage. Similarly,
self-employed income is not that much riskier.

 

 

First-time Home Buyer Options

What is a first-time homebuyer? By definition, a first-time homebuyer is someone that has never
owned a home before. However, someone who was previously a homeowner like four years
ago and sold it but now he is planning to get a new home, he will also be considered to be a
first-time homebuyer. Similarly, homeowners who are separating for some reason, like a
divorce, then they also requalify for the first-time home buyer again.

 

 

First-time Home Buyer Incentive Program

This part-session is specifically conducted for the Candian citizens as they are the only ones
who can qualify for this program. This is a Government initiative released on 2nd September
2019 to assist as many citizens as possible to have a home of their dreams. Here, I will
enlighten you with some of the core benefits of this program, common questions like who needs
a mortgage and why should you get a mortgage and more importantly what are the best
outcomes if you choose a mortgage.

 

 

Wrapping up

Buying a dream home is indeed a huge investment, especially when you are buying it for the
first time. Invest wisely, and stay tuned for my next episode on ‘introduction to Mortgages’ where
I will explain to you about the differences between the rental and mortgages, and much more.