|
| THE BUDGET: AN IMPORTANT STEP IN BUYING YOUR HOME | | | To help bring your plans to fruition, it is important to establish a budget to determine your financial capacity and the amount you can borrow.Rule # 1
The first rule to follow concerns the percentage of net income spent on housing. It is usually around 32%.Downpayment
Desjardins 100% financing mortgage solution now allows you to borrow up to 100% of the total value of the home you want to buy! Click here for more information. Put your RRSP to work
Your RRSPs can also be used as a downpayment under the government's Home Buyer's Plan (HBP). The HBP allows you to withdraw up to $20,000 from your RRSP, or $40,000 per couple. You pay no tax on the amount borrowed and you have 15 years to pay back the amount without interest! Put your RRSPs to work today!Plan for start-up costs
Aside from the initial downpayment, you must set aside approximately $5,000 to cover certain start-up costs. Here are some examples:
• Inspection fees
• Appraisal fees
• Lawyer fees
• Transfer tax
• Moving costs
•Don't forget about the cost of redecorating and the new furniture you will want. Don't hesitate to ask the Caisse’s Populaire Orléans advisors for help; they have the knowledge required to help you every step of the way! | | |
|
|
| |