Elizabeth Kulcsar Real Estate

🏡 HOW MUCH DO I HAVE TO PUT AS A DOWNPAYMENT? 💰

Some common myths about down payments:

1. You HAVE to put 20% down. This is not true whether you are a first time home buyer or have bought multiple properties, you can still put 5% down, as long as it's your primary residence and under $500,000. The only disadvantage to this method is you will have to pay CMHC which is insurance on the mortgage. But in a 🔥 market like this that extra cost per month is nothing compared to the amount of equity you will be riding when you purchase! 💵 In some neighbourhoods we are seeing house prices rise by $5,000-$7,000 a month 💥

2. There is a minimum/maximum income qualifying amount to put 5% down. This is not true. You could make $1M a year and still put 5% down on a property.

3. You can’t take out a loan for your down payment. This is false. You can actually use your RRSP’s as your down payment. If you don’t have any money in your RRSP’s you can take out a certified loan from your bank, put it in your RRSP and in 90 days you can take out that money (up to $35,000) and use it for a down payment on a house 🏠 You have 15 years to pay that back!

If you have any other questions or want more in depth knowledge on these myths shoot me a DM or give me a call!

If you want more information about the current 🔥 market or you or someone you know is looking to buy or sell please reach out and I’d be happy to help!

📱 (587) 438 1515
💻 [email protected]🏡