BE MONEY SAVVY

 If you read through the site links below, you will be well on your way to developing a successful path to home ownership because KNOWLEDGE IS POWER.

One of the most complete resources for anyone contemplating buying their first home is the home ownership section on the Canada Mortgage and Housing website. It contains a step-by-step approach to making the decision and determining if it is right for you. Its interactive worksheets will allow you to plug in all your financial information to determine whether home ownership is within your grasp, or could be soon.

FIRST HOME INFO

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Buying a home, and buying the home you want, usually requires you to start managing your money years in advance. With some knowledge and planning, you can get there sooner. 

  I mean really, do you know your burn rate? You should.

  Here's a great website from a fount of financial wisdom - The Ontario Securities Commission - the watchdog of the financial sector. This website is part of the OSC's public education outreach, which is funded by fines it levies on companies caught breaking the rules. How cool is that!

 Its' advice and information is decidedly down-to-earth and practical. For example, are you planning on getting married?

  There's a great page on Affording Your Wedding. Did you know that Canadian couples spend an average of $20,000-$24,000 on their wedding, and mostly pay for it with loans, credit cards, and hitting up parents? 

  Gee, is there a better way to start married life?

SMART ABOUT MONEY

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  If you're like most people, and you buy your first home with less than 20 per cent down, you'll hear the name of Genworth Financial.

 This mortgage insurance company, is the only company, besides Canada Mortgage and Housing, which offers mortgage insurance for high-ratio mortgages (more than 80 percent of purchase price). Mortgage insurance is mandatory for these mortgages.

Genworth has an excellent site aimed at people contemplating their first-home purchase. 

 GET THAT HOUSE

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  The government will cut you some slack if you're trying to save for a home and have already been socking away some money in an RRSP.

   You can withdraw up to $25,000 from your RSP per spouse toward a first home, without penalty. You will have 15 years to pay it back into your plan. Find out more and avoid the dense language of the Canada Revenue Agency website by using this link.

 HOME OWNERSHIP PLAN

 This website, youngandthrifty.ca, is superbly written by a 20s-something woman in Vancouver in a clear and unstuffy style that young people will enjoy.

 There are dozens are good articles here for first-timers trying to get a foot in the real estate market.