First Time Buyers
Helping you Buy
First Time Buyers
Two out of three Canadian families own a home – that's one of the highest rates of home ownership in the world. And for good reason,it's a great investment.With increasing house prices, it's all the more important for first-time buyers to get a foot on the first rung of the property ladder. Did you know that...
- Homeownership is the single largest source of savings for Canadian households.
- Unlike other investments, which can be quite volatile, the increase in the value of homes is relatively steady. The average house price in Canada has increased every year since 1998.
- The return on your investment in your home can be substantial. In 2004, the average house price in Canada rose to a record $227,210 – a 9% increase in just one year and a 27% increase over four years.
- Homeowners can use the equity in their homes as security for other loans.
- Building equity in your first home is the first step on the property ladder. It gets you into the market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better houses as your circumstances allow.
Mortgage Info
When setting out to talk with a Mortgage representative here are a few things to think about getting:
Verification of employment
-pay stub
-past years tax return statement
-letter of employment
-self employed?/2 years notice of assessment
Down payment:
-RRSP statements
-GIC statements
-gifted down payment requires letter.
Finally see what you can afford:
Mortgage Calculator
Renting vs Buying?
Should you keep renting or buy a home? What are the long-term costs? When buying a home you must make a down payment, money that could otherwise be invested or put into savings. What should you do?
Click this Link for a Rent vs Buying Calculator to see if you are able to take the next step.
