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  • Writer's pictureChad Eliason

Tips for Buying a Home on a Single Income

Whether you are thinking of buying a home on your own, or if your household has just one income, there are several considerations and things to do to ensure you can make this possible for yourself and your family.

Know your financial history - This is important for making decisions about the future and the information you will need to provide.

Save for a down payment - The larger your down payment, the less you have to pay each month in both principal and interest. You will need a minimum down payment of 5+% of the purchase price.

Build your credit score & have a stable income - This helps determine your mortgage eligibility, as it tells the story of your risk factor to lenders in terms of repayment.

Know what you can afford - Be sure to document and track your income and expenses, looking at fixed vs. variable.

Do your research - It is helpful to learn about the different neighbourhoods and the home elements and features that are non-negotiable to you - thinking about needs vs. wants.

Factor in all the costs of buying a home - Look at all the costs involved in purchasing a home to ensure they are within your budget - home inspection, property taxes, land transfer fees, closing fees etc.

Connect with a Mortgage Broker - They will help you with all of the finances involved in the home buying process and help you select the right type of mortgage for you, fixed vs. variable. They will also help you with your mortgage pre-approval so you know what you qualify for.

Find a Real Estate Agent - Shop around to find someone that you connect with, that is suited to your needs and requirements and will help you shop within your price range.

Thinking about your goals for the future will help you in your home buying journey. You will be able to make smarter decisions today to help you reach your goals of tomorrow. The ability to be flexible through the process will ensure you are up for any challenges that come your way. You know yourself best and what is best for you and your unique situation, so remember to always trust yourself!

I am here to help with your finance and mortgage needs and questions, reach out today and together lets get you that home!

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