7 Steps to STOP PAYING RENT and OWN A HOME OF YOUR OWN INSTEAD…�…and what you need to know to get you started toward buying your 1st home!

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ATTENTION RENTERS:

7 Steps to STOP Paying Rent

Here’s What You’ll Learn Today

• How owning your own home can make you over $75,000 richer in just 5 years!
• How owning your own home can actually be less costly than renting
• How to secure the lowest possible monthly cost
• How to ensure you don't pay too much for your new home
• And much, much more!

7 Steps to STOP Paying Rent

Who is John Smith?

• Use this slide to describe info about you such as, years in the business, certifications, education, licenses, hobbies and interests.
• List your personal mission statement

7 Steps to STOP Paying Rent

People fear what they don't understand.

7 Steps to STOP Paying Rent

A good example is the purchase of a home. The average consumer knows very little regarding the home buying process.

7 Steps to STOP Paying Rent

Between finding the right house, making sure it won't fall apart the day after it is purchased, finding the best financing and affording the monthly payments, it is no wonder that so many people are afraid to purchase their first home.

7 Steps to STOP Paying Rent

As with any major decision, it is important that everyone, especially first-time homebuyers, take full advantage of the information and training that is available so they clearly understand the home buying process.

7 Steps to STOP Paying Rent

Before beginning the search for your first home, it’s important that you do your research and become more fully informed.

7 Steps to STOP Paying Rent

7 steps to get you started….

7 Steps to STOP Paying Rent

STEP 1: Visualize Yourself as a Home Owner

• Before starting your house search, allow yourself to imagine what it will be like to be a homeowner.
• For most people, homeownership can be one of the most significant financial turning points in their lives.
• Imagine, living in a Home of Your Own! A fenced yard for the kids…A garage for your car…Enough room for all your stuff… On a quiet street... Privacy... Comfort.
• The advantages (tax benefits, pride of homeownership, financial investment) far outweigh any drawbacks.

7 Steps to STOP Paying Rent

STEP 2: Pull Your Credit Report

• Your credit history is one of the first things a lender will look at in making a decision on your loan.
• Visit www.equifax.ca to obtain a credit report.
• Review it carefully to be sure all the information is correct.
• If you find discrepancies, you should work with the credit agencies to resolve them.

7 Steps to STOP Paying Rent

STEP 3: Determine How Much Money You Have for a Down Payment

• Saving for a down payment can be one of the biggest barriers to homeownership.
• Mortgage lenders recognize this dilemma and many now offer new products with low down payment options.
• 5% down payments are available, but you’ll have to pay for Mortgage Default Insurance if you have less than 20% down.

7 Steps to STOP Paying Rent

There are many ways to find or save for a down payment, consider various sources of income such as:

• Save your tax refund
• Savings Bonds / Investments
• Checking / Savings Account / RRSP – put the same amount away every paycheck and watch it grow
• Gifts received
• Gifted funds from immediate family
• Borrow against equity in second home if available (refinance existing property)
• Hold a garage sale or sell big ticket items of value that you can part with
• Take a second job (casual or part time) to save additional funds

7 Steps to STOP Paying Rent

STEP 4: Choose the Right Lender for You

7 Steps to STOP Paying Rent

The mortgage broker vs. banks.

A mortgage broker/specialist has many different banks, savings and loan companies and mortgage companies that they "broker" their loans to, something like a stockbroker or independent insurance agent.

7 Steps to STOP Paying Rent

Since a mortgage broker/specialist does business with lots of banks throughout Canada, they can:

• Send the loan to many different underwriters

• Shop for and negotiate the best rates and programs available

• Save you money by not charging loan origination fees

7 Steps to STOP Paying Rent

STEP 5: Get Pre-Approved for a Mortgage

7 Steps to STOP Paying Rent

Once you decide you want to purchase a home, your mortgage professional will ask for further documentation to confirm your employment, income, the source of your down payment and other aspects of your financial circumstances.

7 Steps to STOP Paying Rent

This can be a simple step-by-step process that your mortgage professional will assist you with to ensure you feel confident and comfortable about the home buying process to become a happy home owner, with the best financing available.

7 Steps to STOP Paying Rent

Your mortgage professional offers this service, (to get pre-approved), free of charge; therefore it is to your advantage to contact and work with your mortgage specialist for your financing.

7 Steps to STOP Paying Rent

A Pre-approval will let you know exactly how much you can spend on a home purchase BEFORE you start your search.

7 Steps to STOP Paying Rent

A pre-approval also makes you a more attractive buyer when you are ready to make an offer on a home. Home sellers are more likely to accept an offer from a buyer who can demonstrate the ability to secure financing.

7 Steps to STOP Paying Rent

STEP 6: Consider Using a Buyer's Agent

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• The buyers’ agent can disclose things to you about the seller (or the home) that they would not be able to if they represented the seller. They work for you, not the seller.
• You do not pay their commission -- the seller does.
• If a real estate agent will not offer you a buyer agent agreement, ask "Why Not?" or better yet, find another agent!

7 Steps to STOP Paying Rent

STEP 7: Get Educated on the Home Buying Process

• As part of our Employee Mortgage Benefits Program, we offer lots of buyer education, including Lunch ‘n’ Learns, Buyer Guides and free 1-on-1 consultations.
• Some of the topics we can offer are “How to Apply for a Loan”, “How to find the Right Realtor”, “How to make an offer on a Home” and “The Advantages and Responsibilities of Home Ownership”.
• The quickest and easiest way to get educated about the entire home buying process is to select a mortgage advisor and Realtor® who offer unbiased professional advice with your best interest in mind.

7 Steps to STOP Paying Rent

In Conclusion...

7 Steps to STOP Paying Rent

When you choose the right mortgage professional, with your best interest in mind…

• You can find ways to get out of the "trap" of paying rent.
• You’ll be confident that you made the right decisions about your mortgage.
• You’ll have peace of mind knowing you secured the absolute best mortgage, with the best rates and terms available!

7 Steps to STOP Paying Rent

What's the next step?

7 Steps to STOP Paying Rent

Take the first step towards homeownership today by completing the "Pre-Qualifying Worksheet!"

7 Steps to STOP Paying Rent

Thank you for attending my seminar. Please complete the feedback form for your chance to WIN two movie tickets!�

7 Steps to STOP Paying Rent