I saved 32k in our FHSA's and going to save more but can we use this money for lawyer fees etc if I keep maxing it out while saving and hunting. Going for 5% down on a house in price range of 400k to 450k.
I’m trying to figure out how a first time homebuyer putting less than 20% can afford a million dollar mortgage. If their income is high enough to qualify for a million dollar plus mortgage, shouldn’t they be able to save up for the down payment 🧐
have two students in the 3rd and 4th bedrooms at $1000 each, and STR the basement suite. Can pull down $5000k a month forever that way. By my math, this almost makes you mortgage free.
perfect timing! thanks
Common Tom Storey W
Great info! Thanks!
Don't worry , put 20% down on a $1,000,000 starter home and all that's left to do is get a $800,000 mortgage , piece of cake.
So if your down payment money and closing costs are all in your rrsp and Fhsa how would you pay for the deposit with a short turnaround time?
Step one :
Ask mommy or daddy for a large deposit or cosign the mortgage
For the house
That helps.
the 30 year is for new builds
Not just new builds. Also, first time homebuyers buying resale.
14:55 You mean 2% higher not 2 basis points, right?
Correct, thanks for catching that.
I saved 32k in our FHSA's and going to save more but can we use this money for lawyer fees etc if I keep maxing it out while saving and hunting. Going for 5% down on a house in price range of 400k to 450k.
how is that possible the accounts were only able to open 2023 so max you could have in now is 16 000
8k each last year in December, 8k each this year.
I’m trying to figure out how a first time homebuyer putting less than 20% can afford a million dollar mortgage. If their income is high enough to qualify for a million dollar plus mortgage, shouldn’t they be able to save up for the down payment 🧐
Likely having parents co-sign.
have two students in the 3rd and 4th bedrooms at $1000 each, and STR the basement suite. Can pull down $5000k a month forever that way. By my math, this almost makes you mortgage free.