Things To Know When Buying a House
If you put down a payment of 20% or more, on your purchase of a home, you can avoid CMHC fees, and thereby reduce the total cost of your mortgage.
Many online calculators tell you how much you can afford, based on your current income and debts. It’s best if you can aim for a house even less than what the calculators tell you so you don’t end up house poor. We suggest a 30/30 rule—having the 20% down payment and a 10% buffer in savings and your mortgage less than 30 percent of your gross income.
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