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Feeling a bit overwhelmed about how much to stash away and where to get all that crucial info? No need to fret – you don’t have to be an expert! Let me be your guide to connecting with the right professionals who’ll assist you in making the best financial choices for you and your family, now and down the road.
Down Payment:
In Canada, we’ve got some tiered down payment rules. If your home costs less than $500,000, you’ll need a 5% down payment.
Now, if your dream home exceeds $500,000, here’s the deal: 5% down on the first half and 10% on the second half. If you’re aiming for the million-dollar dream, brace yourself for a 20% down payment. (As per the Canadian government’s wisdom.)
Sound like a maze? I totally get it. Start by having a chat with a mortgage pro even before you start house-hunting. They’ll let you in on the down payment secrets and set your house-hunting budget straight. You can find these money wizards at your bank, or you can have a chat with a Mortgage Broker to explore your options (and yes, their services are on the house!).
Upfront Deposit:
Now, when it’s time to make an offer, you’ll need a chunk of change upfront as a deposit. No worries, this money gets credited to your purchase price when your lawyer wraps up all the financial paperwork at closing. Make sure you’ve got at least $5,000 ready to roll within 24 hours of making that offer to secure your deal.
Closing Costs:
Oh, and don’t forget about the closing costs, which are in addition to your mortgage. You’ll be shelling out for your lawyer, title insurance, land transfer tax, and home inspection along the way. It’s smart to set aside about 4% of your home’s purchase price for these extras, so you’re not caught off guard when it’s time to settle up. For more insights on closing costs, check out this handy link: Closing Costs Explained
So, here’s the bottom line – getting a handle on what you can comfortably afford and budgeting smart will ensure you’re not feeling “house poor” in the end! If you’re on the hunt for a mortgage broker to help you navigate this maze, shoot me a text, and I’ll hook you up with one that suits your needs! Reach out at
705-380-3136.