Learning Session #2 Home Buying 101

Thanks to everyone who attended Home Buying 101 and a special thanks to our speakers Keith Taylor (DUCA Credit Union), Laurie Brady (Credit Counselling Society) and Norm Tasevski (JvN/d)

We learned about:

  • The benefits and drawbacks of renting vs. owning
  • The fact that many Hamilton renters are in a position to own and would be able to carry a mortgage, with similar monthly payments to what they are currently paying in rent
  • The steps involved in applying for a mortgage (What information does a mortgage lender ask for? Who is involved in deciding whether or not I am approved? What calculations does the lender use to qualify me?)
  • Why mortgage lenders care about an applicant’s credit score and what you can do to improve your credit
  • Strategies for obtaining the funds for your down payment (including the federal government’s Home Buyers’ Plan, ‘pooling’ your down payment by buying with someone else, or participating in JvN’s Home Buyer Equity Program)
  • The costs associated with buying and maintaining a home through the ‘Real Life Ratio’
  • The need to be realistic about the mortgage you can actually afford long-term, not what your financial institution approves you for
    Click on the image above to download the full presentation. You can view it in your web browser or download it if you would like to save it.

Click on the image above to download the full presentation. You can view it in your web browser or download it if you would like to save it.