1
Are you Financially Ready?
Before you start daydreaming about granite countertops and ocean views, ask yourself:
- Is my income steady and verifiable?
- What do my debts and monthly bills leave room for?
- How does my credit history look to a lender?
- How much can I put down while keeping money for closing costs?
There’s no one-size-fits-all credit score, debt ratio or down payment. We’ll help you ask the right questions, and Jennings Mortgage can help with the lending details.
2
Learn About Home Buyer Incentives
You don’t have to sort through every first-time buyer program alone—but the rules, eligibility and funding matter. Newfoundland and Labrador Housing’s First-time Homebuyers Program may help qualifying buyers with a repayable down-payment loan and eligible legal closing costs. Funding is limited, so check current availability directly with NL Housing.
The federal First-Time Home Buyer Incentive stopped accepting new applications in March 2024. Depending on your circumstances, the CRA’s Home Buyers’ Plan may let you use eligible RRSP savings toward a qualifying purchase. We’ll help you ask the right questions—and Jennings Mortgage can help you check what applies.
3
Set Your Budget (For Real, Not Just What the Bank Says)
Your pre-approval amount isn’t the same as what you can comfortably afford.Factor in: Mortgage payments, property taxes, home insurance, utilities, and maintenance.
Use an online mortgage calculator to get a ballpark idea before meeting a lender.
Don’t forget closing costs (legal fees, mortgage and deed registration, moving expenses, an awesome gift for your Ask Team agent).
Need a second opinion? We’re happy to help crunch the numbers.
4
Get Pre-Approved (Not Just Pre-Qualified)
Pre-approval is a useful starting point—not a guaranteed mortgage. Final approval still depends on the lender’s checks and the property you choose.
- Gather proof of income, assets, debts and ID.
- Compare rates, terms and conditions. A broker like Jennings Mortgage can help explore your options.
- Ask whether a rate hold is available, for how long and on what terms. It isn’t automatic.
It can help you shop confidently, but keep your budget and financing conditions in view.
5
Choose A Realtor®
Why is this part even here? Who was supposed to proofread this section?
Obviously, you should pick us! Ugh. You want something done right …
The right agent makes all the difference.
6
Start Searching (The Fun Part!)
Time to figure out what you actually want in a home.
- Pick a neighbourhood that fits your lifestyle.
- Make a must-have list (size, layout, features).
- Be realistic — every home has something that’s not perfect.
Pro tip: Think about the future. Will this home still work for you in 5 years?
7
Make an Offer (With a Smart Strategy)
Found The One? Time to put in an offer.
- Look at comparable sales to decide on a fair price.
- Offer as high or low as you want. Just make it make sense.
- Include conditions (financing, home inspection, the pingpong table etc.).
- Negotiate wisely—not too aggressive, not too soft.
We’ll guide you every step of the way.
8
Home Inspection (Do Not Skip This!)
A home inspection is your safety net. Hire a certified home inspector,
identify any hidden issues before finalizing the deal, and use an inspection to negotiate repairs or adjust the offer if needed.
Skipping this step? That’s how people end up buying a money pit. Just don’t.
9
Finalize Your Mortgage & Financing
Once your offer is accepted, you need to lock in your mortgage.
Submit your purchase agreement to the lender, provide any last-minute paperwork, and get final approval so the money is ready for closing day.
We handle all of this so there won’t be any surprises. We got your back.
10
Closing Day (Almost There!)
The final steps before you get the keys:
- Do a final walkthrough to check the home’s condition.
- Sign the legal paperwork with a real estate lawyer.
- Get nervous and scared and laugh, then cry, then laugh some more.
- Transfer funds, close the deal, and get the keys!
Congratulations! You’re a homeowner!
11
Move In & Make It Yours
Get home insurance sorted before move-in day. Set up utilities, internet, and change your address. Settle down, we’ll give you a cheat sheet with all their contact info.
Celebrate (and invite us to the housewarming, obviously).
Ready to Buy? Let’s Make It Happen.
The home-buying process doesn’t have to be overwhelming. With The Ask Team in your corner, you get expert guidance, zero fluff, and a smooth path to homeownership. Message us today and let’s get started.
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