Mortgage Strategies for First Time Homebuyers
Wednesday Oct 03rd, 2018Share
Getting ready to buy your first home can be an exciting time, however due to the new mortgage loan guidelines many first time homebuyers are struggling to secure the finances that they need in order to make their purchase. You are now required by law to put down a larger down payment and property taxes are also on the rise, so that coupled has a bigger impact on first time buyers. Many are still fighting to pay down their student debt as home prices remain high in the city. We remind our clients to not be discouraged and that we can help offer many solutions.
- Below are various strategies we suggest first time buyers to try to enter the market:
- Renting out part of your home to afford your monthly mortgage payments
- Buying a home with your relatives or friends to help with the payments
- Generate income by investing in an income property to help pay off your mortgage
- Down payment reduction - Many new development projects are offering a 5% downpayment structure. However, keep in mind that this may mean a higher monthly mortgage payment.
First time home buyers should feel optimistic about the housing market however they need to keep themselves informed and that starts with being realistic in what they can afford.
Check our latest project the Empire Phoenix located at Lakeshore and Parklawn in Toronto. This building is a great option for those trying to get into the Toronto housing market. Prices are starting from the mid $300,000’s.
251 Manitoba St, Toronto (Lakeshore and Parklawn)
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