Found 13 blog entries tagged as down payment.

Buying your first home is a significant milestone and a dream for many Canadians. It’s not just about finding the perfect property; it's also about ensuring you're financially prepared for this life-changing investment. Being ready to take this step involves more than just browsing listings. It requires a keen understanding of your financial standing and planning for the responsibilities of homeownership.

Credit Score and Credit History

Your credit score plays a vital role in securing a mortgage with favorable terms. Lenders use this score to evaluate your creditworthiness, determining the interest rate and the loan amount you qualify for. Regularly monitor your credit report to identify and rectify any discrepancies. Maintaining a good credit…

157 Views, 0 Comments

Read Full Post


Ah, the quest for homeownership in the Great White North! It's a journey filled with igloos, poutine, and maple syrup… or is it? While the Canadian dream may not necessarily involve those stereotypical elements, it almost always includes owning a piece of this beautiful country. But where do you start, and how can you make the journey smoother? Well, dear reader, it's time to explore the exciting world of down payments and discover why going big can be your golden ticket to that cozy Canadian home.

Chapter 1: The Down Payment Dance

Before we dive headfirst into the benefits of a larger down payment, let's get our groove on and understand what it is.

In the world of Canadian real estate, the down payment is the initial lump sum of money you…

329 Views, 0 Comments

Read Full Post


When it comes to purchasing a home, understanding the ins and outs of mortgages is paramount. In Canada, the mortgage landscape is influenced by various factors, including regulations set by the Canada Mortgage and Housing Corporation (CMHC). In this guide, we'll take you through the steps to kickstart your mortgage journey, how to prepare in advance, and how to ensure you're financially poised for success.

Starting Your Mortgage Journey

Educate Yourself

Begin by familiarizing yourself with the basics of mortgages, interest rates, and terms. Understanding different types of mortgages, such as fixed-rate and variable-rate, empowers you to make informed decisions.

Calculate Affordability

Use online calculators to estimate how much you…

322 Views, 0 Comments

Read Full Post

Purchasing a home is an exciting milestone, and for many people securing a mortgage is an essential step in making that dream a reality. However, the mortgage process can be complex and overwhelming, especially for first-time homebuyers. In this article, we will provide you with valuable tips and resources to help navigate the mortgage process with confidence.

Understanding Mortgages

Before diving into the mortgage process, it's important to have a basic understanding of what a mortgage is. A mortgage is a loan that allows you to borrow money from a lender to purchase a home. The property acts as collateral for the loan, and you make regular payments over a specified period, usually spanning several years.

Assessing Your Financial Situation

…

233 Views, 0 Comments

Read Full Post

Buying a home can be an exciting yet overwhelming experience, especially for first-time homebuyers. With so many decisions to make and factors to consider, it's easy to feel lost in the process. Let's take a look at some of the top questions that homebuyers ask and what they are searching for when it comes to buying real estate.

How much can I afford?

Your budget is determined by several factors, including your income, expenses, debt-to-income ratio, credit score, and down payment. Here's a closer look at each of these factors and how they can affect your budget:

  • Income: This takes into account your monthly income and expenses to determine how much of your income can go toward your mortgage payment.
  • Expenses: Including things like car…

191 Views, 0 Comments

Read Full Post

down payment on a house

When you’re in the market for a new home, one of the most important questions you’ll need to answer is how much you can afford to put down as a down payment. In Canada, the amount of a down payment can vary greatly depending on the type of home you’re buying, the size of the mortgage you take out, and other factors. Knowing how much is required for the down payment on a house can help determine if you’re financially prepared for the purchase.

How Much You Need for a Down Payment on a Home?

  • Down payment vs. deposit
  • Calculating your minimum down payment
  • Saving for a down payment

Saving for a down payment has become challenging for many Canadians. Rising housing prices are putting some homebuyers in a tough…

438 Views, 0 Comments

Read Full Post

Agent helping someone buy a house

Many people dream of having their own house at some point. Owning a home is an excellent way to build financial security and equity. And while renting gives you the freedom to move when you want, the urge to own often rises to the surface. But how do you know when you’re ready? Here are six signs that it’s time to buy a house.

Your Rent is Increasing… Again

Both buying and renting have their drawbacks, but one of the great grievances with renting in recent years is rising rental prices. These make it difficult to have enough for monthly costs and save for the future. Unlike paying rent, owning a house builds equity, and the monthly costs are cheaper in many areas, even with extra expenses like property taxes and…

343 Views, 0 Comments

Read Full Post

Regardless of where you’re buying or the market conditions, there’s one thing every homebuyer has in common: you have to make an offer to purchase a home. Whether you’re still in the browsing stages or have started to put your plan into action, as a prospective buyer, it is wise to do some legwork and gain insight into the process of making an offer. While your real estate agent is there to guide you, the more you know about the home-buying process, the smoother it will be. A smooth process is especially pivotal in a seller’s market, where you’ll need to act fast and take quick and decisive action when you find a property that interests you. This makes understanding how to make an offer on a house essential.

How to Make an…

523 Views, 0 Comments

Read Full Post

Putting together the funds for a down payment often takes time and a solid strategy that goes beyond tucking a few dollars away each month. Luckily, Canadians have access to a number of investment savings accounts that can optimize their savings towards homeownership. 

Unlike a standard savings account, an investment account offers specific tax and interest benefits a regular account won’t have, making an investment savings account more advantageous when building for a down payment. For instance, Jessica Moorhouse, a millennial money expert and accredited financial counsellor, explains the longer you plan to save for a down payment, the more appropriate it is to invest your money, rather than keep it in an account that’ll gain very little interest…

312 Views, 0 Comments

Read Full Post