Are you planning to buy a home in Brampton? If so, you’ll be entering one of the most exciting housing markets in Canada. Brampton, with a population of more than half a million, has many neighbourhoods with distinct characteristics, and is a growing, vibrant, and diverse community. Brampton has many outstanding amenities -- from 4,000 acres of parkland to the world-class Rose Theatre; from rinks and swimming pools to libraries and museums. There are knowledgeable real estate brokers in the city who can help you to explore available properties in the Brampton area, but before you start touring houses, do some groundwork regarding home financing.

Putting Your Financial House in Order

One of the first things you should do is assess your family’s finances. Is your credit rating solid? If not, you should take steps to repair it before proceeding. Pay any outstanding debts, clear up any misunderstandings, and ensure that your rating (and your spouse’s, if applicable) is impeccable.

Next, make a clear-eyed assessment of your financial position. Do you have enough financial stability to take on a mortgage? How much debt can you afford to take on? The Canadian Mortgage and Housing Corporation provides an online step-by-step guide called "Is Home Ownership Right for You?” that will help you to calculate whether or not you are financially ready to take on a mortgage, and what the upper limits of that mortgage should be. It’s a great exercise to complete before talking to financial institutions.

Armed with a realistic assessment of your current financial position, visit your financial institution, and ask for a pre-approved mortgage. You will want a pre-approved mortgage, because that will let you know the price range of houses that you can afford. Most times your own bank or credit union will be best situated to know how large a mortgage you’ll be able to carry, but don’t be afraid to shop around. Financial institutions carry different products, and you may find an alternate lender that offers exactly what you need.

Advice from Your Broker

Once you are armed with a pre-approved mortgage, it’s time to partner with a real estate professional.

Choose a reputable Brampton real estate broker who can help you to use your pre-approved mortgage to its best potential. The best brokers walk you through the entire home buying process, from scheduling visits to prospective homes to putting in an offer; from home inspection to closing. Explore Brampton real estate websites to see which brokers list homes that fit your criteria, and follow up by meeting ones that seem like they would be a good match for your family’s needs. Check that the broker you choose is registered with the professional REALTORS^®association, the Real Estate Council of Ontario. (This organization holds members to ethical standards, and makes sure they carry adequate insurance.)

And make sure to choose a broker that you feel comfortable with, and who is easy to communicate with. A home is one of the most exciting purchases you will ever make, but the process can seem complex and sometimes stressful. Home financing in Brampton doesn’t have to be a headache, prepare yourself with a pre-approved mortgage and a broker that understands your needs. Having an experienced and reliable broker by your side makes a world of difference!