Welcome to our ultimate home buying guide series! we are here to lead the charge on this thrilling adventure. Our aim is to arm first-time homebuyers with all the knowledge they need to make their dream of owning a home come true.
This series will navigate you through the home buying journey - from saving for your down payment, getting pre-approved, finding your perfect home, to making an offer and understanding the mortgage closing process. We'll leave no stone unturned so you can confidently embark on this new chapter of life in your very own home.
Make sure you subscribe and turn on notifications to keep pace with our real estate hack series. By doing so, you won't miss a beat and will be the first to access new content, keeping you on track toward owning your first home.
Our mission is to become your go-to resource for all aspects of home buying. As a seasoned mortgage professional, I have helped numerous clients successfully navigate the intricacies of the housing market, including the all-too-frequent multiple offer situations.
Breaking Down the Down Payment Process
The journey to homeownership begins with saving for a down payment. In Canada, this means setting aside at least 5% of the purchase price, plus an additional 1.5% for closing costs. Once you've reached this savings milestone, you're ready for pre-approval from a mortgage professional.
There are several ways you can gather funds for your down payment:
Traditional Savings: The first and most straightforward method involves consistently putting money aside over time. If you're already on this path, well done! If not, don't fret - there are more options to explore.
RRSP & First-Time Home Buyers Program: If you have a Registered Retirement Savings Plan (RRSP), you can borrow up to $35,000 from it, interest-free, for 15 years. In addition, your RRSP contributions could help you save on taxes, giving your savings a significant boost.
Tax-Free Home Buyers Savings Account: This new plan lets Canadian homebuyers save up to $40,000 tax-free toward their first home. Similar to an RRSP, contributions are tax-deductible, and there's no repayment obligation when you withdraw funds to buy your first home.
Gifted Down Payment: If you have generous family members willing to help, a gifted down payment is a simple and common route. All you need is a gift letter and proof that the money has been deposited into your account.
Planning and Saving for Your Down Payment
Apart from accumulating funds, success in the home-buying process largely hinges on having a sound budget and a steadfast commitment to your plan. The key is discipline and consistency, and with these qualities, you'd be surprised how quickly your down payment savings can grow.
There are numerous resources available to set savings goals. You might find it useful to download our free budgeting template included in the link below, use Excel spreadsheets, or find other handy budgeting tools.
As we embark on this enlightening journey, remember to stay tuned for part two of our series. In our next episode, we'll delve deeper into the pre-approval process for a mortgage.
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I am excited to continue this journey with you. Stay tuned and remember that our team and our preferred partners are here to give you a competitive edge in today's real estate market. See you soon!
Adam Walker
Your Friend in the Mortgage Business
Walker Mortgages
226-567-4274
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