Found 2 blog entries tagged as property ownership.

Buying a home is an exciting journey that often comes with financial challenges, especially for first-time homebuyers. One common hurdle is accumulating the down payment required to secure a mortgage. However, many aspiring homeowners may not be aware that they have the option of receiving a gifted down payment. In this article, we'll explore what gifted down payments are, how they work, and the key considerations.

Understanding Gifted Down Payments

A gifted down payment refers to funds provided by a family member, friend, or relative to help a homebuyer cover the initial payment required when purchasing a property. In Canada, this down payment is typically set at a minimum of 5% of the home's purchase price, although a higher percentage may be…

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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

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