you can order your credit report online for a fee of about $15-25 each. The online version is helpful because you can then print off a copy immediately. For more information go to the website for Equifax: www.equifax.ca, for TransUnion Credit go to www.transunion.ca – they both have what is called "secure sites" so that when your information is on screen it is safe and cannot be stolen or "hacked" by outside sources.

Once you and your lender have determined how much you can afford you need to think about the next step – where you'd like to live. Questions to ask yourself are: What kind of lifestyle do you have? What neighbourhoods do you prefer? How much space do you really need? There are many options on the market, but before you start searching for the home of your dreams, you should know your needs.

It's not a bad idea to make a "must have" list and start doing casual research. Talk to friends and family, drive through neighbourhoods, and look in the "Homes" section of the newspaper to get an idea of your

The first step anyone contemplating buying their first home or condo should take is to go to the bank and discuss mortgage options. You really need to get an understanding of just how much you can afford before you start looking for that perfect place. Getting a mortgage pre-approval will give you that price range and get you started on your first home search.

Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.

Your mortgage specialist will answer your questions and help you determine what financing terms and options are right for you. Your mortgage specialist and realtor work as a team to help you find the right home and select the best financing.

There are a number of steps to obtaining mortgage financing. A particularly important step and one many people don't give much thought to - is the credit check. As a routine part of the application process the lender will order a copy of your credit history.

Your personal credit history is compiled by credit bureaus which collect information from various sources including banks, retailers and other public records, creating a credit report. Information such as: what credit and debit cards you have, the types of accounts you have at various financial institutions, information about personal loans, mortgages, student loans, etc., is all part of the report.

The report shows the creditors' names, account numbers, the date accounts were started, the current balance as well as a detailed payment history (for example: how many times you were over 30, 60, or 90 days late in paying bills). Generally, credit reports show information going back six to seven years. The report will also show public information, for example, marriages, divorces, liens, judgments that have been entered against you, bankruptcies, etc.

The credit bureau does not rate you - it merely provides information on your credit history. The lender will examine the credit report to aid in determining whether to lend you money. If the lender has any concerns about something on the report the lender may ask you for an explanation.

Though lenders usually work as quickly as possible in processing mortgage applications - the process can be slowed down if the lender needs to go back to the applicant for an explanation concerning items on a credit history. So, don't worry, but be prepared to answer questions the lender may have - often a simple explanation will do.

The lender will also use the report to verify other information on your mortgage application, for example: information about your employment status, your address (including the name of your landlord and perhaps rental payment history), etc.

The credit report will also indicate inquiries made by other creditors over the period of the report. This information might be useful to a lender to show what other avenues of financing you might have tried and it may raise questions about why another lender declined you.

Honesty is the best policy - and that certainly holds true when applying for a mortgage. If you think there might be any credit problems - tell the lender up front and ask about the lender's policy prior to applying for the mortgage. There is no point in trying to hide something that will show up in your credit history. Of course, even if you think your credit record is fine, there may be some items on the report about which the lender may ask you.

By obtaining a copy of your credit report before you apply for a mortgage you may be able to avoid surprises and possible delays that may occur in having to answer questions about your credit history. Because the report contains information about you, you have a legal right to inspect a copy of it. Equifax and TransUnion, two of Canada's largest credit bureaus, will mail consumers a free copy of their personal credit file – upon request – which takes about three weeks to arrive in your hands.

The request can be by mail for free, or, you can order your credit report online for a fee of about $15-25 each. The online version is helpful because you can then print off a copy immediately. For more information go to the website for Equifax: www.equifax.ca, for TransUnion Credit go to www.transunion.ca – they both have what is called "secure sites" so that when your information is on screen it is safe and cannot be stolen or "hacked" by outside sources.

Once you and your lender have determined how much you can afford you need to think about the next step – where you'd like to live. Questions to ask yourself are: What kind of lifestyle do you have? What neighbourhoods do you prefer? How much space do you really need? There are many options on the market, but before you start searching for the home of your dreams, you should know your needs.

It's not a bad idea to make a "must have" list and start doing casual research. Talk to friends and family, drive through neighbourhoods, and look in the "Homes" section of the newspaper to get an idea of your l

plication process the lender will order a copy of your credit history.

Your personal credit history is compiled by credit bureaus which collect information from various sources including banks, retailers and other public records, creating a credit report. Information such as: what credit and debit cards you have, the types of accounts you have at various financial institutions, information about personal loans, mortgages, student loans, etc., is all part of the report.

The report shows the creditors' names, account numbers, the date accounts were started, the current balance as well as a detailed payment history (for example: how many times you were over 30, 60, or 90 days late in paying bills). Generally, credit reports show information going back six to seven years. The report will also show public information, for example, marriages, divorces, liens, judgments that have been entered against you, bankruptcies, etc.

The credit bureau does not rate you - it merely provides information on your credit history. The lender will examine the credit report to aid in determining whether to lend you money. If the lender has any concerns about something on the report the lender may ask you for an explanation.

Though lenders usually work as quickly as possible in processing mortgage applications - the process can be slowed down if the lender needs to go back to the applicant for an explanation concerning items on a credit history. So, don't worry, but be prepared to answer questions the lender may have - often a simple explanation will do.

The lender will also use the report to verify other information on your mortgage application, for example: information about your employment status, your address (including the name of your landlord and perhaps rental payment history), etc.

The credit report will also indicate inquiries made by other creditors over the period of the report. This information might be useful to a lender to show what other avenues of financing you might have tried and it may raise questions about why another lender declined you.

Honesty is the best policy - and that certainly holds true when applying for a mortgage. If you think there might be any credit problems - tell the lender up front and ask about the lender's policy prior to applying for the mortgage. There is no point in trying to hide something that will show up in your credit history. Of course, even if you think your credit record is fine, there may be some items on the report about which the lender may ask you.

By obtaining a copy of your credit report before you apply for a mortgage you may be able to avoid surprises and possible delays that may occur in having to answer questions about your credit history. Because the report contains information about you, you have a legal right to inspect a copy of it. Equifax and TransUnion, two of Canada's largest credit bureaus, will mail consumers a free copy of their personal credit file – upon request – which takes about three weeks to arrive in your hands.

The request can be by mail for free, or, you can order your credit report online for a fee of about $15-25 each. The online version is helpful because you can then print off a copy immediately. For more information go to the website for Equifax: www.equifax.ca, for TransUnion Credit go to www.transunion.ca – they both have what is called "secure sites" so that when your information is on screen it is safe and cannot be stolen or "hacked" by outside sources.

Once you and your lender have determined how much you can afford you need to think about the next step – where you'd like to live. Questions to ask yourself are: What kind of lifestyle do you have? What neighbourhoods do you prefer? How much space do you really need? There are many options on the market, but before you start searching for the home of your dreams, you should know your needs.

It's not a bad idea to make a "must have" list and start doing casual research. Talk to friends and family, drive through neighbourhoods, and look in the "Homes" section of the newspaper to get an idea of your

ry. The lender will examine the credit report to aid in determining whether to lend you money. If the lender has any concerns about something on the report the lender may ask you for an explanation.

Though lenders usually work as quickly as possible in processing mortgage applications - the process can be slowed down if the lender needs to go back to the applicant for an explanation concerning items on a credit history. So, don't worry, but be prepared to answer questions the lender may have - often a simple explanation will do.

The lender will also use the report to verify other information on your mortgage application, for example: information about your employment status, your address (including the name of your landlord and perhaps rental payment history), etc.

The credit report will also indicate inquiries made by other creditors over the period of the report. This information might be useful to a lender to show what other avenues of financing you might have tried and it may raise questions about why another lender declined you.

Honesty is the best policy - and that certainly holds true when applying for a mortgage. If you think there might be any credit problems - tell the lender up front and ask about the lender's policy prior to applying for the mortgage. There is no point in trying to hide something that will show up in your credit history. Of course, even if you think your credit record is fine, there may be some items on the report about which the lender may ask you.

By obtaining a copy of your credit report before you apply for a mortgage you may be able to avoid surprises and possible delays that may occur in having to answer questions about your credit history. Because the report contains information about you, you have a legal right to inspect a copy of it. Equifax and TransUnion, two of Canada's largest credit bureaus, will mail consumers a free copy of their personal credit file – upon request – which takes about three weeks to arrive in your hands.

The request can be by mail for free, or, you can order your credit report online for a fee of about $15-25 each. The online version is helpful because you can then print off a copy immediately. For more information go to the website for Equifax: www.equifax.ca, for TransUnion Credit go to www.transunion.ca – they both have what is called "secure sites" so that when your information is on screen it is safe and cannot be stolen or "hacked" by outside sources.

Once you and your lender have determined how much you can afford you need to think about the next step – where you'd like to live. Questions to ask yourself are: What kind of lifestyle do you have? What neighbourhoods do you prefer? How much space do you really need? There are many options on the market, but before you start searching for the home of your dreams, you should know your needs.

It's not a bad idea to make a "must have" list and start doing casual research. Talk to friends and family, drive through neighbourhoods, and look in the "Homes" section of the newspaper to get an idea of your

another lender declined you.

Honesty is the best policy - and that certainly holds true when applying for a mortgage. If you think there might be any credit problems - tell the lender up front and ask about the lender's policy prior to applying for the mortgage. There is no point in trying to hide something that will show up in your credit history. Of course, even if you think your credit record is fine, there may be some items on the report about which the lender may ask you.

By obtaining a copy of your credit report before you apply for a mortgage you may be able to avoid surprises and possible delays that may occur in having to answer questions about your credit history. Because the report contains information about you, you have a legal right to inspect a copy of it. Equifax and TransUnion, two of Canada's largest credit bureaus, will mail consumers a free copy of their personal credit file – upon request – which takes about three weeks to arrive in your hands.

The request can be by mail for free, or, you can order your credit report online for a fee of about $15-25 each. The online version is helpful because you can then print off a copy immediately. For more information go to the website for Equifax: www.equifax.ca, for TransUnion Credit go to www.transunion.ca – they both have what is called "secure sites" so that when your information is on screen it is safe and cannot be stolen or "hacked" by outside sources.

Once you and your lender have determined how much you can afford you need to think about the next step – where you'd like to live. Questions to ask yourself are: What kind of lifestyle do you have? What neighbourhoods do you prefer? How much space do you really need? There are many options on the market, but before you start searching for the home of your dreams, you should know your needs.

It's not a bad idea to make a "must have" list and start doing casual research. Talk to friends and family, drive through neighbourhoods, and look in the "Homes" section of the newspaper to get an idea of your

you can order your credit report online for a fee of about $15-25 each. The online version is helpful because you can then print off a copy immediately. For more information go to the website for Equifax: www.equifax.ca, for TransUnion Credit go to www.transunion.ca – they both have what is called "secure sites" so that when your information is on screen it is safe and cannot be stolen or "hacked" by outside sources.

Once you and your lender have determined how much you can afford you need to think about the next step – where you'd like to live. Questions to ask yourself are: What kind of lifestyle do you have? What neighbourhoods do you prefer? How much space do you really need? There are many options on the market, but before you start searching for the home of your dreams, you should know your needs.

It's not a bad idea to make a "must have" list and start doing casual research. Talk to friends and family, drive through neighbourhoods, and look in the "Homes" section of the newspaper to get an idea of your likes and dislikes. Your home should fit the way you live and suit your lifestyle. Make a list of priorities, like size and location. Determine what are your minimum requirements in a home? What must the house or condo have for you to consider it? And a "wish list", things that aren't essential, but would be nice to have.

The size of the downpayment you can afford will largely determine the type of neighbourhood and home or condo you choose. It's important to be realistic when you're thinking about a downpayment and setting a price range. You don't want to be weighed down with something you can't afford. At this stage, it's a good idea to talk things over with your realtor so you know what type of home is available in your price range.

Once you've set a realistic price range, you'll want to think about lifestyle. Do you prefer a more central community with amenities within walking distance? Or would a newer, suburban neighbourhood suit your tastes better? What are your living space requirements? Do you run a business from your home, and need an extra bedroom for an office? Do you have children, or are planning on starting a family? Realistically – the farther out of the downtown core you go the more affordable the options are – but do you mind commuting? These are all questions you will have to consider before you start shopping for a home.

Determining what your needs are for each living space and having a clear picture of what you are looking for will save you and your realtor time.

Transportation is a big factor in determining what kind of lifestyle you are looking for. Do you walk, drive or take the bus to work? Do you prefer to be close to the city's main public transportation routes, or can you be comfortable with a potentially longer commute?

If you have children, you will want to consider what schools are in the area. Visit the schools in the neighbourhoods that interest you or contact the school board for more information. Look for parks, playgrounds and community centres. Are there other families with children nearby?

Once you have narrowed down your needs and wants and an idea of the location that would suit your budget and lifestyle, we would be happy to help you search for the perfect home. We will use various tools to try and find properties that meet your specifications. One of the important search tools will be the local MLS® system. By sitting down at a computer we can input in your needs, choice of neighbourhoods and price range and immediately come up with a list of suitable properties.

Moving into a new home or condo is a wonderful experience, just make sure you are ready for the new area and change of amenities. It takes some getting used to when you move from the city to the country and vice-versa. Your basic conveniences can change dramatically. Be prepared to accept changes or conversely, find a place that has the conveniences you are accustomed to.

Homebuyers often make life-altering decisions with less than 20 minutes of dedicated viewing and investigation. This is how it works. Unfortunately, any errors that occur as a result of a lack of planning can seriously hamper your financial standing and even affect the long-term happiness of your family.