How Buying a Home With HOMEH Works: A Step-by-Step Guide

Buying a home is a big decision. Here is a simple step-by-step guide on how to buy a home with HOMEH, Canada's first real estate rebate brokerage.

Key takeaways

• Understand the home buying process from start to finish.
• Learn about down payments and mortgage options.
• Discover how you can receive cashback from HOMEH.
• Know what closing costs to expect.

Step 1: Decide to Buy a Home

The first step is deciding to buy a home. Think about your needs, budget, and location. Do you want a small apartment or a larger house? Understanding your needs will help you make better choices.

Step 2: Get Pre-Approved for a Mortgage

Before you start looking for a home, talk to a lender. They will check your finances and give you a pre-approval. This shows how much you can borrow. You may qualify for different interest rates based on your down payment.

Understanding Down Payments

• If the home price is under $500,000, a 5% down payment is needed.
• If the price is between $500,000 and $1,499,999, it’s 5% on the first $500,000, and 10% on the rest.
• For homes over $1,500,000, a 20% down payment is required.

Tip for First-Time Buyers

As a first-time buyer, you can access special programs to help with your down payment and mortgage costs. Always check the latest options.

Step 3: Start Your Home Search

Now comes the fun part—looking for your new home! You can search online or work with a HOMEH agent. They will help you find homes that fit your budget and needs.

Step 4: Make an Offer

When you find a home you like, it’s time to make an offer. Your HOMEH agent will help you write it. If the seller accepts your offer, you will move to the next step.

Step 5: Complete the Closing Process

After your offer is accepted, you need to finalize the purchase. This includes getting a mortgage, doing inspections, and paying closing costs. Closing costs can be around 1.5% to 4% of the home price.

What Are Closing Costs?

• Legal fees for your lawyer (about $1,100 to $2,500).
• Title insurance (around $250 to $500).
• Land transfer tax, which varies by home price.

Cashback from HOMEH

When you buy with HOMEH, you may receive the industry's highest Cashback Rebate. Sellers list for 1%, or free when they also buy with HOMEH within 6 months, or $395 + HST with a Mere Posting. This can help cover your closing costs.

Step 6: Move In and Enjoy

Finally, it’s time to move into your new home! Enjoy making it your own. Remember to keep track of your finances and the costs that come with homeownership.

A quick note

This article is general information only and is not legal, tax, or financial advice. Rules and figures can change — check with a licensed professional before you act.