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Looking for recommendations on buying a house

I’m looking to buy my first home. I don’t have any idea how to budget for this.

I’m starting to save up but I’m hoping there’s someone here who works at a bank that can leave contact info for me to reach out to. With the market being so high I know I won’t stand a chance to purchase this year but I’m hoping someone can lead me into the right direction on how to properly save and understand how mortgages and all of this works?

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  1. Les Stroud says:

    Buying a house these days is much like surviving in the woods, you want your fire to last all night, so you can be warm and defend from predators. A good rule of thumb is: when you think your pile of wood is big enough, triple the size of it, you will be amazed at how fast you burn through it.

    Same with saving up for a down payment, when you think you have enough money saved up, triple it, many predators eat through that pile of cash. Your agent will try to get you to spend more on a mortgage, put in a more competitive offer they say, your lawyer fees, your time off work, insurance will have stipulations (your house needs a new roof, new furnace) your home inspection.. it’s all going to drain your savings faster than you can throw wood on a fire. As soon as you buy a home expect everyone to try and dig into your pockets for every last cent you have.