For those navigating the home purchase process, we look at homebuying tips 6 to 10:

1) Have a firm strategy for a bidding war. In today’s competitive market, it is not uncommon for vendors to hold offers off until a particular date. This means you could be bidding for a home along with several other parties. It’s easy to get caught up in the emotion of the bidding war, so know your maximum price before you bid and stick to it! 

2) Understand closing costs.  When buying a home, it pays to be informed about closing costs, which can represent up to three per cent of the purchase price, including: land transfer tax, lawyer’s fees, appraisal fees, title insurance and home inspection fees. 

3) Borrow up to $20,000 for your down payment from your RRSP – tax-free! If you are a first-time buyer, the Homebuyers Plan (HBP) allows you to withdraw up to $20,000 from your registered retirement savings plans (RRSPs) to buy or build your home. 

4) Know your financing options.  Many lenders offer mortgages which feature a 5% down payment, or in some cases 100% financing.  If you borrow more than 80% per cent of the purchase price, your mortgage must be insured by the Canadian Mortgage and Housing Corporation (CMHC) or Genworth Financial. 

5) Don’t do it alone – explore the benefits offered by mortgage brokers. Mortgage brokers act as a one-stop shop for planning advice and the best rates. As part of Canada's largest independent mortgage brokerage, Invis Mortgage Consultants work with prospective homeowners across Canada to provide valuable advice before and during the home buying process. 

Talk to an Invis Mortgage Consultant today to access your options.