The complete guide for first-time home buyers in Canada + MORE Apr 22nd

Rising interest rates are starting to weigh down Canadians’ confidence in their finances, according to the latest results of the MNP Consumer Debt Index.

Buying your first home is an exciting experience, but it can also be an overwhelming one—especially if you’re not sure where to start. That’s why we’ve outlined some simple steps that anyone shopping for a home should take, from figuring out what you can actually afford to getting pre-approved for a mortgage and understanding the government programs designed to help you. If you have questions, we have the answers in our complete guide for first-time home buyers.

Part 1: The costs of homeownership in Canada

Should you buy a home? The real costs of homeownershipGovernment programs and tax rebates for first-time home buyers

Part 2: Understanding your mortgage

What is a mortgage?How fixed and variable mortgage rates workHow much can I afford on a mortgage?Using mortgage calculators to weigh your optionsWhy you should get pre-approvedHow much can you actually afford?What is the mortgage stress test?

Part 3: How to find the best home and mortgage provider

How to choose between a lender and a mortgage brokerStrategies for first-time home buyersBest places to buy a home in CanadaNext steps: You’ve bought your first home—now what?

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. However, if you want to improve your credit score, you’ll have to prove you can handle credit responsibly—and one way to do that is (you guessed it) to have a credit card. When used responsibly, having and using a credit card can actually be a helpful tool to assist in rebuilding bad credit. While a low credit score might limit which credit card you can qualify for, luckily, there are a whole host of products catered to people with this issue. While these often come with higher interest rates and lower spending limits, they can be a good starting point to re-establishing a respectable credit score, which in turn will help you get approved down the line for loans, a line of credit or even a mortgage. Some of these cards even earn you rewards, too.
Find your next credit card.What kind of credit card are you looking for? Get matched with the best cards for you in under 2 minutes at ratehub…