GETTING THAT DOWNPAYMENT: It might be easier than you think!

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 downpayment a boost – to get you into your home faster:

1. The federal Home Buyers' Program (HBP) lets first-time homebuyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs.  You'll need to pay those funds back, of course, on a repayment plan.
2. A financial gift from a parent or blood relative can be used as a downpayment. You'll need to document in writing that the funds are a gift and that you are not required to pay the money back at any time.
3. A parent or grandparent could also provide a loan with a modest interest rate and reasonable expectations for loan repayment.  Or you could look at borrowing the downpayment through a loan or unsecured line of credit.
4. If your dream home is out of reach, look for a starter home. Use today's low interest rates to start hammering down your mortgage, then watch for the opportunity to get the home of your dreams – using the equity and credit rating you've been building!

Talk to us today – to ensure that you get off on the right foot in your home buying journey!

Can’t decide whether to go fixed or variable? With a hybrid mortgage, you don’t have to.

Many Canadians prefer the certainty of a fixed-rate mortgage. They know exactly how much they’ll pay over the term of their mortgage.  However, lower-rate variable mortgages with a strong “prime minus” rate offer the potential to save on interest.  A hybrid mortgage can give you the best of both worlds because part of the mortgage is at a fixed rate and part is at a variable rate, allowing you to diversify your financing.  But is a hybrid mortgage the answer to your dilemma?  Not necessarily. The best mortgage solution depends on your own unique situation, which means your best option is to have a mortgage professional review your situation and help you decide which product is best – fixed, variable, or hybrid.

Looking for the perfect house that fits your lifestyle? 

If you are thinking of buying your next home to get your desired lifestyle, call today for a free analysis of what you can afford.  Or your dream home may be the one that you are already in. We can review your renovation financing options, including a special “Refinance Plus Improvements” mortgage that lets you refinance up to 80 per cent of the new, post-reno value of your home.  Your dream home may be more affordable than you think!