If your want to buy house, saving money for a down payment is a big issue. Your goal should be to save as large a down payment as realistically possible. The minimum down payment is currently set at five per cent of the purchase price of your home, however, if you have anything less than a 20 per cent down payment you'll have to purchase mortgage default insurance.
For many people, it's no problem to keep up the bi-weekly or monthly mortgage payments and other costs associated with home ownership. But what usually holds first time buyers back is the initial down payment required to obtain a mortgage and other high costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes. Find out more about buying your own home and closing costs.
When people decide they want to save money for down payment to buy their own home or they just want to get ahead financially, most choose one of two strategies:
There are numerous saving options to consider and implement if you want to start saving for a new home:
Buying a home is beginning of an exciting adventure and for most buyers it is the biggest financial investment of their lives. Yet a great number of people follow emotional impulses to the exclusion of sound thinking when they make an offer on a property they want to buy. Read more...
Arranging to pay for that property you plan to buy is one of the most important financial decisions you will ever make. Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved from the mortgage lender of your choice. Read more...