The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price. To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is Continue Reading
financing
First Time Home Buyers
The Federal Home Buyers Plan allows first time home buyers to withdraw up to $20,000 from their RRSP for the purpose of buying or building a qualifying home. The primary benefits are that the RRSP issuer will not withhold tax on the amount nor will you have to claim the Continue Reading
Credit Rating
Your credit rating is a measure of your credit-worthiness or in other words, your record of borrowing and repayment. Without a credit rating, few institutions will lend you money. Governed by provincial laws, the credit bureau – the clearing-house of information on consumers’ use of credit – provides a credit Continue Reading