Gear Up for Down Payments on Houses for Sale
Would not it be nice if buying houses for sale was like the latest new car promotion? "No down payment, no interest for 12 months!" Sure, and we'd love it if Revenue Canada just "took our word for it" on what we owed this year. Where has the trust gone? But until things change, you'll have to deal with the reality of down payment requirements when planning your next home purchase. In an ideal world, that means putting up 20 per cent of the purchase price and avoiding that nasty high-rate mortgage insurance. If you're like most buyers though, the 5 per cent minimum is more realistic. The challenge is that with many homes selling for $ 300,000 and up these days, even 5 per cent, or $ 15,000, can be daunting for the first time homebuyer. However, with a little resourcefulness and knowledge of the options, your prospects for managing that critical down payment will be looking up in no time. Save it Up Maybe because they did not accept VISA on the Mayflower, our ancestors learned to buy things the hard way: By saving for them. It's a strategy we'd do well to emulate, especially when looking at houses for sale. Once you figure out the price range you'll be shopping in and what that translates to for a down payment, decide on your time frame and...
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