ECON-3008

WEEK 11
“Your Home”
Home Buying Process
Are you interested
in home ownership?
Do you have a
savings plan?
Do you know the
steps of the home
buying process?
Before jumping into
the housing market,
you need to take a
“holistic” approach
to building wealth!
First, you need to
create a balanced
investment portfolio
www.cmhc.ca
Canada Mortgage and Housing Corporation (CMHC)
has been helping Canadians meet their housing needs for
more than 70 years. As Canada’s trusted voice on housing,
we contribute to the stability of the housing market and
financial system, provide support for Canadians in housing
need, and offer unbiased housing research and advice to
Canadian governments, consumers and the housing
industry. Prudent risk management, strong corporate
governance and transparency are cornerstones of our
operations.
Mortgage Pre-Approval
What is a mortgage preapproval
Where to get a mortgage preapproval
What to provide to your lender or
mortgage broker
What to consider during the pre-
approval process
1. How much are you spending now?
2. How much can you afford?
3. Figure out the upfront costs (a.k.a – hidden costs)
4. How will your budget look as a homeowner?
Get Pre-Approved
Understand the terminology (Amortization, Terms, Variable/Fixed Rates,
Open/Closed Mortgage
Know your credit score
Understand Mortgage Insurance
Debt Service Calculator
• Compare your
monthly debt
payments and
housing expenses
to your gross
household income.
Affordability Calculator
• Find an estimate
of how much
mortgage or rent
you can afford.
 Real Estate Investing 101

If you are interested in learning more, go

to LinkedIn Learning via FOL. There you
will find several “How to…” videos that will
assist in your knowledge
https://www.linkedin.com/learning
References
• Images courtesy of Pixabay.com
• cmhc.ca