Buying your first home is a major milestone and one of the most exciting times in life. You've been budgeting, planning, and saving for so long, and now you're homeowner-ready and growing your assets instead of paying off your landlord's mortgage.

There is a lot of information to fully understand home buying and mortgages. We're here to help you every step of the way, answer all your concerns, and make sure you have an enjoyable and stress-free experience.

First-time homebuyers should follow these steps.

Save your deposit.

More than necessary - 5% of the purchase price of homes under $500,000 and 10% of the purchase price of homes over $500,000 the better.

Create a home buying budget.

It's not just household payments. Property taxes, condo fees, utility bills, RRSP returns, and home insurance should all be included in your budget. This allows you to realistically estimate how much you need to save.

Check your credit report.

You should check your credit report at least once a year to make sure everything is in order and that you are not a victim of identity theft. Scammers need your date of birth and mailing address to open an account. Know your credibility.

do you have good credit? Aside from paying on time, the most effective way to improve your credit score is to pay off your credit card with another form of credit card. Remember that older loans are of higher quality. Even if you pay off your old credit cards straight away, you must keep using them. Always question any situations or mistakes that could negatively impact your credit score. For example, if a mobile phone bill is incorrect and the provider refuses to correct it, you can dispute it by reporting it to Schufa.

Get mortgage pre-approval.

Pre-approval is a contractual commitment by your mortgage lender to lend you a specific amount of money at a specific interest rate based on your credentials. Knowing how much mortgage you qualify for, calculating your monthly mortgage payments and determining your interest rate can make the buying process smooth and efficient.

Find a qualified real estate agent in your area

Navigating the home buying process alone may not be easy. Be sure to get referrals from friends and relatives and interview different brokers. Hiring a reputable real estate professional also guarantees you working with someone who is familiar with the nuances of the city you want to live in.

Submit proof of income.

Are you self-employed, contracted or working full time? Lenders assess job status in different ways. If you have a job, the lender will need a letter from your boss detailing your job title, how long you worked there, and your most recent pay stub. If you are self-employed or have contract employment, lenders need two years of tax history to determine your income.