Step 1. Figure Out Your Finances - Do you feel like you may be in a position to buy a home? Do you have stable employment? The very start of making the decision to buy is figuring out if you can afford to. Talking to your bank or mortgage broker is a good place to start. They can pre-approve you, or make recommendations on how to improve you mortgage potential.

Step 2. Check Your Credit - Checking your credit score and history is not mandatory, but it is a good idea. Lenders want to know how you handle your credit. Since a mortgage is a loan to be paid out, lenders will check your credit score and credit history. It is wise to do, so you can see where you can improve your score as well as fix and blemishes or mistakes on your history file. You can get a full report online instantly through Equifax or Transunion Canada.

Step 3. Get Pre-Approved - You don't know what to look for until you know how much you can afford. Getting a pre-approval is wise for two reasons. One, you can get a price range of what you can handle mortage wise before you begin shopping. Two, you can often lock in a mortage rate at the time. Some banks and mortgage brokers will garranty a rate for up to 90 days of longer. Locking down a good rate is a good idea, especially if they are on the rise.

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