First time home buyers in Canada guide from CMHC

First time home buyers in Canada have been afforded a surprisingly good resource by the Canadian Mortgage and Housing Corporation (CMHC).

The CMHC first time home buyer guide is a great workbook for all potential first time home buyers and includes information and applicable workbook type activities surrounding topics such as:

• Determining if you are ready for home ownership
• Setting your new home budget
• Explaining the purchase and financing process
• Who are the players in the process – realtors, mortgage brokers, lawyers
• Mortgage and real estate terms
• Questions to ask the professionals you are working with

My one major caution pertaining the the first time home buyers guide:

•  On page 12 CMHC has included a reference table for purchasers that corresponds income with mortgage and purchase amounts.  This table indicates a maximum home price with 5% down payment  for a client who earns $100 000 per year of $325 000.  Based upon today’s market, this number is off by approximately $175 000, with this income amount and assuming minimal personal debt our client could qualify for closer to a $500 000 purchase!

I have included below the link for the CMHC home buyers guide:

CMHC’s home buyers guide

Please always feel free to contact me directly with any mortgage questions, I am happy to discuss your options with you.

Rylan Hahn 403-802-7201 (direct)