How to save for home down payment

Let's talk about the Down Payment, which is one of the most intimidating aspects of home buying. Things can quickly become overwhelming, especially in Canada, where the minimum down payment for a home is 5%. We are in a market where the typical starter home costs at least $300,000, so you'd need at least $15,000 to buy one. (The minimum down payment for a purchase over $500,000 rises to 10%, and if you want a house worth $1,000,000, you'll need a minimum of 20%.) This post is more geared toward those of us in this region who live below $500,000.) There are a few things you can do to make that one-time payment needed to move into your next house. 1. Be aware of your "ins and outs" Before you can properly save, you need to know how much you spend. Establish a budget and adhere to it. There are useful apps available that can direct you in the right direction; You need a budget or mint. You'll need to figure out where the extra few hundred dollars you need to put...

  If you want to gain access to home loans that aren't widely offered to you, you should employ a mortgage broker. A broker could be able to gain you access to loans that will be advantageous to you if you don't have excellent credit, if you have a special borrowing circumstance, such as owning your own business, or if you simply aren't seeing mortgages that would work for you. Regardless of their circumstance, many people choose to engage with a broker because it gives them access to lenders they might not otherwise consider. Mortgage brokers might also be able to help borrowers qualify for loans at interest rates that are lower than those offered by most commercial loans. How To Talk To A Mortgage Broker When to consult with a mortgage broker Whether you're getting your first mortgage or seeking to refinance, it's crucial to consult a mortgage expert at the beginning of the process. Long-term, it will save you a tonne of time and work. To find out what is availabl...