Hello There. This website is designed to teach you everything you need to know about buying a home.Although we call it Your first home this site will be a valuable source of information for anyone considering any type of real estate transaction in the near future. So here are the first steps.

1. Buying a home is a committment to a long term obligation (a mortgage) as compared to renting where you can re-locate with less hassle.So does buying a home coincide with your present circumstances.Things to consider are employment (is your job stable) Income (Do you both plan to work) Affordability (Can you afford the homes in the area you want to live?) Will you have to move farther from work where homes are more affordable? If that is the case what will it cost to commute in time and money ? Does your rent include utilities ? Remember with a house you will have heat,hydro,water,insurance,taxes and maintenance that you may not have now .

Buying a home is an important decision and it is important to make it an intelligent decision for your present circumstances. That is why it is important to make a careful analysis of all the circumstances as they pertain to you. Buying a home is also one of the smartest financial decisions you can make as long as it does suit your circumstances.

2. Now we will assume after a careful analysis that you do want to buy a home you need to determine if you can afford to buy a home.

You will need a down payment of 5% of the purchase price. (If parent or a relative will supply this for you that is allowed by the lenders as long as it is accompanied by a gift letter stating it does not have to be repaid.)

You will need about 2 to 3% more to cover your closing costs. Closing costs consist of the following: lawyers fees,deed transfer tax,fuel adjustment,document registration,title insurance or surveyor's certificate,building inspection,water test and tax adjustment.