The down payment on your property doesn’t have to be as large as you think
Several programs exist to help first-time buyers enter the property market. These programs require that you have never purchased a home before, and that you meet basic qualification standards. It is important that you consult a professional real estate agent who is familiar with these programs, so that you may make best use of them.
In some areas it is also possible to assume a mortgage. If this is an option in your area, your real estate agent will be able to perform search on listings requiring small to no down payments.
Your lender may help you with your down payment and closing costs
The seller may assist you in purchasing your home
You may be able to borrow without going into debt
Options exist for you to borrow for certain investments to a specified level, and using those investments to leverage a significant tax return. This process can be further coupled with a first-time homebuyer’s plan, and turned into significant equity.
You can also borrow against savings in an RRSP, and if repaid in a certain time period, avoid any interest payments.
While purchasing, consider becoming a landlord yourself
You may be able to secure a loan even with a lower credit rating
Oftentimes it is possible to secure a loan, even with a poor credit rating. If you have enough equity to borrow against, your financial institution may consider lending you money to purchase a home.
It is also possible to use a ‘seller take-back’ loan for the purchase, using the seller as the lender.
Secure a mortgage before you begin your searching
Where to go from here?
This report is designed to illustrate that you have options other than paying large monthly payments to your landlord. It is clear that with a little creativity and help from a real estate professional, you can make the break from renting to owning.
Make sure to consider your options – this report is not designed to make you feel obligated to purchase a home. If you’re interested in more information, please contact your real estate agent.