For many first-time homebuyers, saving the 5 per cent downpayment is one of the big obstacles to home ownership, especially if you’re paying rent, paying down student loans, and trying to live a life. Here are some programs and tips that can give your [...]

By Nick Humphries of Nick and Hilary. Affordability. How many dollars can you spend? Do you have a bare minimum of 5% for a downpayment? Don’t forget about land transfer taxes and closing costs. Figure this out first. Talk to your bank and talk to [...]

A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, [...]

Needless to say, you'll have financial responsibilities as a home owner. Some of them, like taxes, may not be billed monthly, so do the calculations to break them down into monthly costs. Below you will find a list of these expenses. The Mortgage Payment [...]

First and foremost, you have to make sure you have enough money for a down payment - the portion of the purchase price that you furnish yourself. Secondly, you will require money for closing costs. If you want to have the home inspected by [...]

Today, about 50% of first-time home buyers use their RRSP savings to help finance a down payment. If you are a first-time home buyer, the Home Buyers’ Plan (HBP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free to make [...]

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage the first step in a potentially long-standing relationship. But even with a mortgage, you will need to raise the [...]

A pre-approved mortgage provides an interest rate guarantee from a lender for a specified period of time and for a set amount of money. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before [...]

Most lenders will accept down payment funds that are a gift from family as an acceptable down payment. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. where the mortgage [...]