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4 Things You Can do to Buy a Home

If you want to buy a home but you’re not sure how you can go about it, you’re going to have to be smart. You’re going to need to save up a big down payment before you buy real estate like luxury homes for sale.


You’re going to have to take time to build strong credit that will tempt lenders into working with you, and work on reducing as much debt as possible. Take the time to get educated about your options before you even think about applying.

Get Educated About Financing

Your first responsibility is to get educated about what financing options are available to you. You shouldn’t really listen to the abstract promises of your bank, but people that receive mortgage counseling before borrowing or half as likely to default or have payment issues. Many lenders offer this for free, so make sure you take advantage of it before you sign on the dotted line. Buying real estate, even luxury real estate, can affect you for the rest of your life. Even if you have the money to buy the house, you’re probably taking out some kind of mortgage – make sure you’re getting the one that’s right for you.

Start Reducing Your Debt

You’re going to want to start working on your debt – if you’re not sure where to start, order a free copy of your credit report. Start with the smallest debts and work your way up to the big ones. Just because you have some that doesn’t mean you shouldn’t buy home, if anything buying home can be the best move that you’ve ever made. If you don’t have any that, you may not have credit – this could dash your hopes for getting a mortgage, but don’t despair. There are many ways of getting credit and showing you’re a good borrower.

Start Building Your Credit

Once you start paying off your debts, you’re going to want to start building up your credit. Consider taking out a small auto loan, a low limit credit card, just opening up some accounts and borrowing and paying them. In some cases you don’t even have to borrow against your limit, having the credit line is enough. This is one of those situations where you want to work with a financial planner to see if they can help you.

Save Up for Your Down Payment

After you’ve been educated about your options for mortgages, you’ve worked on reducing your debt, and you started building up your credit it’s time to save up your down payment. You’re going to what 20% to 30% of the amount you want to borrow for a home. The more money you have for your down payment, the more likely lender will lend to you, even if you have bad credit.

You can overcome virtually any obstacle, but understanding where you really are in your credit and having that large down payment is going to make the difference. Take advantage of free mortgage counseling and take back control of your credit before you by real estate.

The Goodale Miller Team is based in Oakville, Ontario, specializing in luxury Oakville real estate, is Canada’s #1 Century 21 team for 8 years running. Visit us today at


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