Down Payment

If you want to own your own home we can help, but you must contact one of our Professional Realtors by visiting the web site covering your area.

NOTE: Some of the options outlined here may not be applicable to your area.

No Down Payment:
Yes, it is possible to buy a home with NO MONEY DOWN, and It Is Legal!
The following is a partial list of ways to do this legally:

    1. Buy a home where the mortgage is either equal to or greater than the Sale Price of the home. In most cases, but not all, you must be approved by the Mortgagor.
    2. The homeowner gives you a First Mortgage.
    3. The homeowner gives you a Second Mortgage.
    4. An Agreement of Sale.
    5. Rent to Own
    6. A family member gives you the down payment as a gift.

Saving for a Down Payment:
If you prefer to wait while you save for a down payment, or use alternate methods (this will increase the number of homes you can choose from), there are numerous ways to do this:

    1. The best way is to put money into your RRSP, take your tax deduction and then use the money as a down payment - legally.
    2. A gift from a family member
    3. Automatic payroll deduction
    4. Vendor mortgages
    5. Other private mortgages
    6. Life insurance policies
    7. Financial institution loans, charge cards
    8. Selling your big toys (boat, motorcycle, seadoo, car etc.)

Too Young To Own? (Canadian Example):
Children usually do not start filing a tax return until they start earning more than $6,956 a year. Why? If you earn less than $6,956 a year you generally don't owe any tax. But not filing a child's tax return is a mistake if the child has earned any income. By not filing a tax return during these years of little income, the child gives up RRSP contibution room, which translates into tax savings in later years.

For example: If a young teenaged child earned $3,000 a year, he or she would not pay any tax because their personal tax credit is higher, but they will earn a $540 RRSP contribution credit if they file a tax return. Ten years later, they will have accumulated a total RRSP contribution of $5,400. If they have just started their first full-time job, they would also save a hefty amount of income tax because they could take the accumulated RRSP total and deduct it from their total tax due. For example: If they earned $40,000 in their first year of full employment their total income tax due would be about $10,000. By having accumulated a $5,400 RRSP contribution during their teenage and university years, they could apply it against their total tax due and save an additional $2,200 in income tax for a total saving of $7,600. By the time they turn age 65, that $5,400 RRSP contribution could be worth $95,000 based on a 7 percent annually compounded interest rate!

By the time your child turns 19, or within several years from that point, they will be in a position to buy their first home and take a giant step towards securing their FINANCIAL FUTURE!

Note: The examples used here are for information purposes only. assumes no responsibility for your interpretations. Please see our site usage conditions for further explanation.

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