Conexus - Buying your first home

Step 1

Assess your finances

You need a credit score of at least 600 to get a mortgage (700 or more is even better). You can access your credit report online for free from Equifax and TransUnion.

Use our budget calculator to see what you may be comfortable spending on a mortgage payment each month.

Save at least 5% of the home price for a down payment. You’ll also need to show you have 1.5% of the purchase price of a home for closing costs (e.g., lawyer fees, etc.). Consider saving this money in a First Home Savings Account to benefit from income tax deductions and tax-free savings.

Step 2

Think about your budget

Use our Mortgage Affordability calculator to see how much money you can potentially borrow to buy a home. The calculator looks at your income, debt and living expenses and is for illustration purposes only.

Think about the extra costs of owning a home including property taxes, home insurance, and maintenance.

Step 3

Get pre-approved for a mortgage

Before you start house shopping, contact a Mobile Mortgage Specialist or financial advisor to help understand the types of mortgages available, how mortgages work, and to get pre-approved.

Think about how long you want to take to pay off your mortgage and pick a payment schedule that you’re comfortable with.

Choose between a fixed or variable mortgage and an open or closed mortgage.

Lock in your mortgage interest rate for 120 days (about 4 months) with our 120-day rate guarantee.

Consider saving for some of those extra costs such as home insurance and maintenance, using a savings account or short-term deposit.

Step 4

Hire a realtor and start house hunting

Look for a local real estate agent by either asking your family and friends for recommendations or searching the Saskatchewan Realtor database.

Share with your realtor:

Your pre-approved budget, so you don’t view houses that are too expensive.

Your must-haves, such as number of bedrooms or bathrooms.

The type of home you want, such as single-family home, condo, townhouse, etc.

The nice-to-haves, such as modern appliances, etc.

Your preferred neighbourhood(s). Consider things such as distance to different amenities, schools, etc.

Step 5

Finalize an offer and agreement

Work with your real estate agent to submit an offer, which should include:

How much you’re willing to pay for the home.

The deposit amount and closing date.

Any items you want included with the home, such as blinds or appliances.

Any conditions, such as a title search or home inspection.

Connect with a lawyer to review the agreement terms, check property records, and help with title transfers when closing the deal.

Step 6

Finish your mortgage application with us

Contact your Mobile Mortgage Specialist or financial advisor to complete your mortgage application.

Discuss the different types of insurance you can get, including fire insurance, mortgage protection insurance, etc.

Confirm your amortization, payment schedule, and interest rate.

Step 7

Complete home inspection and remove conditions

Hire a qualified home inspector to look at the home and prepare a report that outlines the home’s condition.

If the report suggests making repairs, talk with your realtor, lawyer, and the seller about them. If all looks good, remove the conditions and the deal can go ahead to closing.

Step 8

Finalize all the steps to move in

Review your closing disclosure to understand your closing costs, including any title transfer fees, lawyer fees, etc.

Secure fire insurance.

Sign any extra paperwork needed for closing.

Just before taking possession of the home, do a walk-through to make sure everything is okay. If not, work with your realtor to address the issue(s).

Set up your utilities, such as power, water, and internet.

Plan for ongoing maintenance and improvements, saving 1% of your home’s purchase price each year to a Savings Account or Tax Free Savings Account.