Kristopher Mussell Home Financing

Since your home is likely your most important asset, renovations can be a great way to increase your property value and also make daily living more comfortable. But before you start tearing down walls, consider your financing options!






https://www.scotiabank.com/ca/en/personal/mortgages/articles/financing-your-home-renovations.html

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The new Tax-Free First Home Savings Account (FHSA) is expected to arrive in April 2023 and could be a great tool for first time homebuyers since it offers tax deductible contributions and tax free withdrawals!

How you could use the new Tax-Free First Home Savings Account (FHSA) The new Tax-Free First Home Savings Account helps Canadians save towards their first home.

Where do you want to live?

Take time to decide on which city or town you want to live in and what type of home you want. Location plays a huge role in determining affordability. The price of a home will differ from one market area to another.

Are you looking for a condo, a townhome, a semi-detached or a detached home?

Here is a helpful checklist to compare home features during your search;

A mortgage is really just another name for a home loan. When you get approved for the loan, you become responsible for the monthly payments plus the associated interest.



You’ll want to get pre-approved for a mortgage before you start looking for a home. It helps you and your real estate agent manage expectations and this way you won’t be hit with financial
surprises after you find a home you like.







Step 3: Mortgage preapproval - How much home can you afford?



The amount you’re preapproved for depends on a few different factors including: how much you’ve saved for a down payment, your income, debt, credit score, and where you want to live.

Is it Better to Pay Down Your Mortgage or Invest?

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You’ll want to familiarize yourself with the ongoing costs associated with homeownership and see if you can afford them.

First, take a deep dive into your finances. Examine your monthly income, your spending, and any debt you may have. Are you paying off student loans? Do you have credit card debt? Are you making monthly car payments?



Our Money Finder calculator can help you figure out where your money is going and what you might cut back on.

https://www.scotiabank.com/ca/en/personal/investing/investment-tools/money-finder-personal-budgeting-calculator.html