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Scott’s House Call: Kenzie

Kenzie is a young professional in her mid-20s who desperately wants to move out of her parents’ house. She commutes from the suburbs into the city every day and wants to kill two birds with one stone: purchase her first property and eliminate 2+ hours on the train every day. She asked Scott to help her figure out if she’s on the right track, and if homeownership is a dream that can soon become a reality.

 

Are you or someone you know preparing to purchase your first property? There’s a lot to think about. Scott helped Kenzie break it down into manageable steps, and he can help you too!

Resources:

Mortgage Affordability Calculator – A mortgage affordability calculator is a great way to check in and see what size mortgage you may be able to afford based on your income and down payment amount.

Realtor.ca – Keeping up with recent real estate listings will help you to understand what’s available and how quickly homes are selling in the neighbourhoods you’re interested in. Check out this or a similar MLS listing in your country in order to be properly informed. Just  keep in mind that listing price is not the same as selling price, so the prices you see may not reflect the final selling price.

Budget Calculator – In order to get a sense of what type of monthly payments you can afford, take the time to create a household budget. Be honest with yourself about how you spend your money. Once you fully understand where your money goes, you can examine where to make cuts, and what you can comfortably afford.

CIBC Mobile Solutions – With the CIBC mobile apps you can open accounts, pay bills, send and receive money, get pre-approved for a mortgage and so much more. When you spend most of the day on your phone, having your financial information at the tip of your finger is a must.

First-Time Homebuyer Checklist – As Kenzie discovered in her lesson with Scott, there’s a lot that goes into choosing your first home – both in terms of the property and the financing. Make sure you’ve checked all the boxes before putting in an offer.

Mobile Mortgage Advisor – CIBC advisors literally cross the street for their clients. Mobile advisors offer mortgage or investment advice and are happy to meet when and where you choose.

Scott’s Last Word…

“Kenzie is a star pupil who is definitely ahead of the norm. She’s driven, she’s worked hard, and she’s willing to make sacrifices in order to make her dream of home ownership come true. If she continues on the path she’s currently on, I have no doubt Kenzie will be a homeowner in no time.”

 

 

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