How Much Money Do You Actually Need To Buy A Home?

One of the biggest concerns that home buyers have when they're considering purchasing a new home is how much money they need to have on hand. It can be a daunting task to figure out how much money you'll need, especially if you're a first-time homebuyer.

In this episode, we explore all of the home buyer options when it comes to this very important question. For instance, many people may be surprised to learn that they can buy a home with as little as a 5% down payment. However, if you do decide to go this route, you'll also be required to obtain Mortgage Insurance. But how much does that cost, and can it be added to the monthly mortgage payment?

Additionally, many people wonder how much money they need to put down to avoid mortgage insurance altogether. This is also addressed in the episode, along with the question of how much insurance is required if you put down a 12% down payment instead. And why is the insurance even necessary in the first place? All of these questions are answered in the episode, and you may be surprised at some of the responses.

It's also very important to know where these funds can come from. Did you know that you could utilize your RRSPs to buy your first home? It's true, and this is discussed in the episode as well, along with how long you have to pay that money back.

Another important topic covered in the episode is the question of whether it makes more sense to save up for a larger down payment or to invest in a home now while prices are appreciating. This is a tough question that many potential homebuyers struggle with, and the episode offers some valuable insights.

Overall, first-time homebuyers will definitely benefit from this episode. With all of the information presented, you'll be better equipped to make an informed decision about how much money you need to have on hand when buying your new home.

For anyone looking to connect with Mychal, please reach out to him below:

Mychal Ferreira
BMO Mortgage Specialist
778.994.3222
[e-mail]
instagram.com/mychalmortgages

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