Here's What You Need to Know When Buying a Home in Canada

4 minute read
Here are the answers to your most pressing questions about buying a house in Canada.

We've compiled the answers to your most pressing questions about buying a house in Canada - whether you are a first-time home buyer or someone who is getting back into the real-estate market to downsize or upgrade your home.

People often wonder how much money they will need to buy a house, what the amount of their monthly payments will be, and if the timing is right to purchase property. Kindred has compiled up-to-date insights, advice, and interactive mortgage calculators to help you with each step of your home buying journey. Use these resources to help you feel confident and informed throughout the house hunting process.

How much house can I afford?

When you start looking to purchase a home, it is important to understand your price range. What sort of property should you be looking at? A member of Kindred’s Personal Lending Team offers advice on understanding how much house you can actually afford to buy.

For a preview of how purchasing a home fits with your personal finances, use Kindred’s interactive Mortgage Calculator to get an idea how much house you can afford based on the amount of your down payment and your household income.

How Do I Apply For Mortgage

Once you have found your dream home, you need to secure the financing to make an offer on the property. A member of Kindred’s Personal Lending Team helps you understand how to apply for a mortgage. Should you get pre-approved before making an offer on a house? How much of your income should go towards your mortgage payment?

Should I Opt for a Fixed Mortgage or a Variable Mortgage?

Not all mortgages are created equal. What are the advantages and disadvantages of a fixed rate or a variable rate mortgage loan? Fixed-rate and adjustable-rate (or variable-rate) mortgages each come with their own set of features and benefits for you to consider. A member of Kindred’s Personal Lending Team helps you understand the different types of mortgages.

How Much of a Down Payment Do I Need?

One of the biggest hurdles that first-time home buyers need to overcome is getting their down payment together. Although you want to have the largest down payment possible, you don’t want to wait forever while you save your money. Here are some things you need to know about down payments, and how you can get into your first home faster.

What are First Home Savings Accounts (FHSA)?

A First Home Savings Account is great way to put that crucial down payment together. An FHSA is a registered savings account designed for first-time home buyers.

FHSAs offer the benefits of both tax deductions on your contributions and non-taxable earnings while you save. Find out more about First Home Savings Accounts.


How Do I Get Started?

Kindred Credit Union offers a number of different mortgage options to suit your needs. If you select us as your mortgage provider, you’re supporting a member-owned local business that makes a difference in your community. Learn more about buying a home with Kindred.

Ready to buy a house? Meet with us so that we can help you plan your journey towards a home of your own.

Kindred Credit Union

At Kindred, we believe you have a better choice for banking. We believe values and faith are central to life, and financial decisions are not values-neutral. In fact, we think financial decisions can impact the world in amazing ways—so our values are integrated into everything we do. We call this Banking with Purpose.

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