As posted by the Canadian Real Estate Association (CREA) on its website, hopeful buyers can benefit from the FCAC’s primer
on interest rates, amortization periods, land transfer taxes, and many other aspects—as well as how these would ultimately affect the total cost of owning a home. And for consumers that might get lost in the jungle of industry jargon, the FCAC has helpfully created a series of videos
that agents can use in client education.
Helping consumers gain access to their updated credit reports is also vital, as lenders will always take a hopeful borrower’s score into account. FCAC has prepared introductory materials
for agents to present to their clients.
Consumers would also want to know how much they could borrow given their incomes and circumstances, and the FCAC’s mortgage qualifier tool
will be up to the task of providing this crucial information. A mortgage calculator
and a budget calculator
can help clients map out their payment and spending schedules, as well.
More financial literacy tips and tools can be found here
In its bid to streamline processes for a spending public that has to deal with ever-growing prices and relatively static incomes, the Financial Consumer Agency of Canada (FCAC) has provided various resources that real estate agents can utilize to assist their clients.