We’ve covered a lot of ground in the past five lessons. So this will be a quick checkpoint to help you put it all in order.
By now you realize you don’t need to have good credit to buy your dream home, however you do need to know where you are starting from so you do need to know your credit score that is easy to do just get over to YOUR CREDIT SCORE HERE! or HERE, and to manage your credit HERE!
Once you have your credit score in place you may begin working on the next steps in your journey toward home ownership. Hopefully, you are creating a list to work from.
That list might include:
� how much cash you have for a down payment
� the location of your home
� how many bedrooms and bathrooms
� if you have children, what school district is best
As you begin answering these questions (and more) you will create a clear picture of the direction you need to take.
Once you have the location decided, you may want to begin house shopping here, by finding a bit more about cheaper properties and the in and out of foreclosed properties.
Now that you are moving right along you learned a bunch of ways to get the cash for your dream home so make sure to refer back to that full lesson. I’ll again include here the key places you may be able to get the cash quickly.
Government Grants RRSP’s You may be able to access your RRSP plan to use for a down payment.
LIRAs* You may be able to access your LIRA money to use for a down payment.
Credit Cards (Yes, you really CAN buy a house with a credit card. It’s a little more costly, but it can be done.) Some folks have literally gotten a cash advance on their credit cards to generate the down payment. Seems unreal, right? But think of it this way – if you have a card that is at 0% interest for 12 months it’s like using free money.
Tax Refunds (Let CRA buy your house!)
Friends and Family Members Think of those who believe in you and know you just need a second chance. Would they advance you a short-term loan?
Sell Unwanted Items Anything you have around your house that you don’t need and that can be sold, such as: Boats, Cars, Motorcycles, Snowmobiles, Motor homes, Jet Skis, Jewellery.
NOTE: eBay.com is a great way to sell your items.
We’ve covered the option fee and how important it is to know the difference between an option fee and a security deposit. Be sure to go back to that lesson if you missed it. Go to your email section and do a mail search by typing in our name. That should pull up all the lessons you have received to date as long as you have not deleted them.
In a future lesson you will learn about a couple online sites that will allow you to search for even more homes in your area. Be on the lookout for that lesson. It’s a good one.
We’ll also be talking about the paperwork process so you’ll know what to do when that time comes.
This is a very exciting time in the process as you are moving right along. Keep in mind that if you are ready to go right now, have the money to put down, and know what you want, let us know by replying to this email, or by clicking here for instant access to our request form if you haven’t done so already. Make sure to include these five (5) things.
1. Desired location
2. How much you have to put down
3. How much of a home you are looking at (Purchase Price)
4. How quickly you are looking at moving
5. Your phone number so we can get in touch with you quickly
Now do a checkpoint and make sure you are on track to getting into your dream home. You’ll see that you’re making great progress.
*Be sure to consult your plan’s administrator and/or your RRSP/LIRA custodian to find out what rules and regulations might be applied regarding withdrawals.
Talk soon,
Gilles
PS: Smile! You’re doing a great job!
