One of the first steps to planning towards buying a new home in Brampton is a down payment. You may have heard the term before and wondered what it means.
A down payment is an initial cash you’re willing to disburse towards buying your home. It isn’t easy to secure a mortgage without a down payment in Brampton and the whole of Canada.
The Canada Mortgage and Housing Corporation (CMHC) states that intending home buyers must offer a 5% down payment for homes under $500,000 and 10% for homes over $500,000. Thus, if you’re interested in buying a property priced at $350,000, you’d need a down payment of $17,500 (5%).
How Much You Can Afford
Closing costs. These costs include home inspection fees, property or land transfer taxes, property insurance, and legal fees to facilitate and finalize official documents.
Ongoing costs. It would help if you also planned for ongoing costs such as home maintenance, annual property taxes, repairs, and remodeling.
However, beyond these factors mentioned above, you need a mortgage broker you can trust to facilitate getting you a home for your family. Mohit Grover is a leading mortgage broker helping first-time home buyers to secure funding for the home of their dreams in Brampton and other regions of Canada.
Why Contact Us?
At Mohit Grover Mortgages, the satisfaction and well-being of our clients is our top priority. We always prioritize your needs and keep your best interest in mind while working with real estate agents, lawyers, credit unions, and others. Our services include buying new properties, refinancing, transferring, renting to own, obtaining home-equity loans, and consolidating debt.
Contact us today to learn about our services and how we can help you.