Quick video on mortgage renewals.
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Trying to save up a down payment to purchase a home?  No need.  The Flex Down mortgage allows you to borrow the down payment and closing costs?
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Trying to save up a down payment to purchase a home?  No need.  The Flex Down mortgage allows you to borrow the down payment and closing costs?
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This is the question that many home buyers ask themselves when preparing to purchase a home.  If you were to ask 100 people their opinion, most likely half would recommend saving up the 20% and the other half would recommend to go in with what you have (minimum 5%) and purchase the property. I believe in selecting the high ratio mortgage and purchasing your home with 5% -19% down payments, instead of waiting to save 20% or more.  Below is some reasoning for this option.
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This is the question that many home buyers ask themselves when preparing to purchase a home.  If you were to ask 100 people their opinion, most likely half would recommend saving up the 20% and the other half would recommend to go in with what you have (minimum 5%) and purchase the property. I believe in selecting the high ratio mortgage and purchasing your home with 5% -19% down payments, instead of waiting to save 20% or more.  Below is some reasoning for this option.
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Many first time home buyers do not realize you can use up to $25,000 from your RRSP (Registered Retirement Savings Plan) and withdraw funds from your TFSA (Tax Free Savings Account) as well. Keep in mind, the rule is $25,000 dollar withdrawal per person. For Example, if you and your spouse are purchasing a home, you both can use two accounts (each account has to be under a separate name) can withdraw the $25,000 dollars. This means that together you can have $50,000 dollars from your RRSP’s as down payment! Same rule applies for the TFSA accounts.
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Typically sources of down payment have to come from the borrower’s own resources .  These would include:
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