4 Steps in the Process of Home-Ownership

Step 1: Get Pre-Approved

Understand how much you can afford and start applying for mortgage pre-approvals.

What are Mortgage Pre-approvals?

An evaluation of your income, assets and credit score by lenders to determine loans you are eligible for.

Step 2: Set Your Budget

Consider what you can afford in addition to your monthly mortgage payments.

Tip!

Do your research on miscellaneous fees & charges and make sure to set aside extra cash for them.

Step 3: Save For Your Down Payment

What is a down payment?

A mandatory sum of money made upfront for the purchase of property. Buyers are typically required to pay a minimum of 10% of the property's purchase price.

Step 4: Boost Your Credit

A higher credit score will allow you more options and hence better mortgage rates.

How?

• Pay bills on time. Set up an auto-debit for monthly repayments.

• Use less than 30% of your limit on any card.