How I Saved For My First Home

How I saved for my first home!

When I was around 20 years old, I had (and still do have) a wonderful person in my life who I can proudly call my mentor. One thing that she gently pushed me to do was set up my finances with a financial planner who is amazing. Alana Burton set up an FHSA (first Home Saving Account) and a TFSA for me, and she took money automatically per month to go directly to both accounts. Doing this helped build up my FHSA for a few years, all the way until I was able to take the money out. I had money available for other closing costs like lawyer fees, moving expenses, paint, etc.

The next thing I did was reach out to a trusted mortgage broker, Laframboise Mortgages. Reaching out to a mortgage broker while you are getting closer to being able to buy a house is really helpful because they will tell you exactly how much more you need to save, and what steps you can take to be prepared to purchase. In my case, I was close to paying off my car payment, so I did, and that eliminated another monthly expense. Another thing a mortgage broker might suggest is to lower the amount on your credit cards and other payments if it is feasible for your situation.

Being in the Real Estate industry since I was 18 played a part in my being able to guide myself and my partner and align us with the professionals who I know can support first-time home buyers, upsizers, and downsizers. If you are thinking about purchasing your first home, I would absolutely recommend starting an FHSA – no matter how far away from purchasing. It’s something you can do yourself, or with help, as I did. That is how I saved for my first home!

If you are looking for a mortgage broker or help organizing your finances, these are the ladies I personally used!

Laframboise Mortgages – https://www.laframboisemortgage.ca/

Alana Burton – https://www.facebook.com/AdvisorAlana.Burton/

Check out this blog post! Market Education – First Time Home Buyer