Saving for a down payment can be challenging. If putting aside $500 a month as an example, it would take you over three years to save the 5% down needed on a $400,000 home. Fortunately there are still options available for those who are thinking of purchasing but do not have a down payment saved. Click here to lean more about buying a home without a down payment saved.
When thinking of buying, you may wonder if now is the right time. There can be many factors that go into this decision. For example, your finances, savings, changes in mortgage rates and mortgage guidelines to changes in house prices. Click here to learn more about the pros and cons of buying now versus waiting.
There are additional costs to consider when buying a home beyond down payment, furniture, home inspection and movers. These costs can start to add up. In Canada, it’s recommended to budget 1.5% of your home price to the potential closing costs. Click here to learn more about the closing costs to consider when buying a home in Ottawa.