first time buyer

The Do’s & Dont’s of Buying Your First Home

Well, spring is coming and along with that sees increased activity in the Real Estate market. Maybe it is even time for you to buy your first home. If it is, contact me and I will be happy to help guide you through the process.Here a few Do’s and Don’ts of Buying your First Home

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Down payment

With the housing market so hot right now, you might be thinking about jumping on board and finding yourself that dream house. Especially when your house might be selling for asking price or even above. With at little extra cash you might be able to afford something a pricier. But how much do you need that down payment on your new dream home? As of February 15, 2016 the rules have changed. For homes up to 500,000 you need to have 5% down. If you are looking for a home a little more expensive expect to pay more that 5%. Homes over 500,000 up to 1million you are looking at 5% down on the first 500,000 and then 10% on the remaining balance. And for those of you in the market for a home 1million and over, you are looking at a 20% down payment on the home. Time to start saving. If you want to check out some websites with more information on the down payment requirements check out the links below. Happy house hunting.

https://www.cibc.com/ca/mortgages/buying-first-home/need-for-downpayment.html

http://www.yourequity.ca/mortgage/first-time-home-buyer-bc/