New Mortgage Helps Tenants to Make the Leap to Home Ownership

The new owners will tell you that nothing beats the feeling of being at home: the kitchen you’ve always wanted a garage to tinker, the flower garden that reminds you of grandma or a bench to sit at the window and see “your” yard.

There is a small group of Canadians who, for various reasons, prefer to rent. However, most dream of owning her own home. Interest rates are still lower than those our grandparents enjoyed - and thanks to the innovative new mortgages without down payment - the time has never been a better choice to make the leap to the assumption property.

You’re not sure where to start? Forget the down payment for a moment and look at your monthly income. What is your budget? Think of the rent and other housing costs that you pay now. Study your habits, and demandez vous if you can pay more each month without effort. Example, you could concoct tasty dishes in your own home rather than eating out so often. Buying a home often involves a change of lifestyle. Let eg transport: are you moving near a subway station or outside the city? Remember to take into account these changes when calculating the funds available each month, and remember that these funds can not all be allocated to your mortgage payment, since you will also pay other fees, such as utilities and property taxes. However, given the historically low mortgage rates currently in effect, you will get much more for your money than before.

Now for the biggest obstacle for most potential owners: the down payment. Traditionally, Canadians expect to have to save up to 10% of the purchase price as down payment - in addition to other savings to pay closing costs and other expenses. By cons, with the mortgages of today, the outlay does not necessarily achieve the dream of home ownership. If you have an RRSP, for example, you may enjoy the Home Buyers’ Plan to government property for your down payment. Consider also the innovative new mortgages that completely eliminates the need for capital outlay. In fact, the most recent mortgage offer not only 100% financing, but a discount of 3% in more money - a bargain if you buy appliances or a car to travel from your new home office. Although the costs associated with these mortgages are higher, they are included in the mortgage amount increased, and you can purchase a home much sooner than expected.

Do not forget to ask for advice. An independent mortgage broker can advise you on mortgages offered by a wide range of banks and other lenders. The broker is the first person to consult, especially if you consider the innovative new mortgages. A mortgage professional can make a realistic assessment of your financial situation and your options.

If you are among the tenants Canadian dream of home ownership, there has never been a better choice to make this dream a reality.

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