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Help with planning a down payment for next year - at a dilemma
Would making a large contribution of 25k to RRSP be a good idea? I figured I’d get a big refund which I could then also put towards the down payment. I would take out the 25k back under the HBP. The issue is I would then have to pay the 25k back over 15 (17 technically) years. If I don’t do ...
- modough
- Dec 20th, 2022 8:34 pm
- Forum: Personal Finance
- Personal Finance
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Dec 20th, 2022 8:34 pm
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Suggestions for savings of a down payment
... would like to buy our own house in the next year or two. We have no debt. We have $250,000 and thinking of saving $150,000-$200,000 for a future down payment on a house. Looking for suggestions on how to save that $200,000. I currently have a HISA with tangerine @ 3.5% (promotion until Dec 31st ...
- JimboD
- Oct 29th, 2022 11:46 am
- Forum: Personal Finance
- Personal Finance
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Oct 29th, 2022 11:46 am
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For those looking to purchase in the near term (next 6 months), how much down payment do you have?
For new home buyers or people who have sold their existing property and are sitting out, how much down payment do you plan to put into your new purchase?
- madskillz101
- Jun 29th, 2022 3:56 pm
- Forum: Real Estate
- Real Estate
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Jun 29th, 2022 3:56 pm
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Auto financing question - larger down payment vs lump sum payment
Hi all Is there any difference between putting $15k down payment on a car, vs putting a $5k down payment and then on day 1 of getting the car, putting a lump sum payment of $10k into the total loan to reduce the amount owed? Assuming there's no penalty ...
- jasoncdu
- May 9th, 2022 6:18 pm
- Forum: Personal Finance
- Personal Finance
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May 9th, 2022 6:18 pm
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House purchase with a common law partner - Down payment & House equity split?
... partner has about the same salary income as my friend, his partner has little or no savings, which means my friend has to fund the new house 20% down payment entirely thru the Toronto condo refinance, or sell the condo, and/or liquidate his Tax Free Savings Account and his RRSP account. So, if ...
- SmokinGun
- Mar 17th, 2022 9:07 pm
- Forum: Real Estate
- Real Estate
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Mar 17th, 2022 9:07 pm
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First time buyer down payment question
With the market being as hot as it is right now, as a first-time home buyer, that minimum 20% down payment is almost impossible. My partner and I are looking into new construction townhomes in west GTA (Milton, Guelph, etc.). The majority of these new builds are over the ...
- sameer12
- Feb 26th, 2022 2:04 pm
- Forum: Real Estate
- Real Estate
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Feb 26th, 2022 2:04 pm
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Looking for condos with 10% down payment
Hi all,I'm looking for some projects in GTA ( prefer in Toronto , Scarborough or North York ) to be completed within 2 -3 years and require 10% down paymentPlease let me know if you have any projects like that .Thanks,
- Atntpower
- Feb 7th, 2022 8:54 pm
- Forum: Real Estate
- Real Estate
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Feb 7th, 2022 8:54 pm
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Deposit for an new build and down payment
... I’m interested. They are asking for $5000 at purchasing appointment, then $65,000 at the firm (14 days after the purchasing appointment). When the down payment to bank due? Is it at the closing (scheduled for September 2023)? Or before that? Am I allowed to save then down payment between the firm ...
- Amanada2145
- Jan 16th, 2022 1:09 pm
- Forum: Real Estate
- Real Estate
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Jan 16th, 2022 1:09 pm
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Unsecured LOC used for down payment
Am I allowed to use some of unsecured LOC toward a down payment ? I am short roughly $10,000 to meet the 20% requirement
- Amanada2145
- Dec 5th, 2021 5:10 pm
- Forum: Real Estate
- Real Estate
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Dec 5th, 2021 5:10 pm
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what to give your kids for a down payment
been hearing on the news about kids getting money from parents to get into the market,,thought this was a givenive got two kids going into the market as well...10 percent each ill doim guessing thats what most of yous are doing as well 10 percent ..just curious what the ball park figure is
- your best bet
- Oct 27th, 2021 7:05 pm
- Forum: Real Estate
- Real Estate
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Oct 27th, 2021 7:05 pm
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HELOC as Down payment for Rental Property or Flip in Ontario
I am looking to borrow against the appreciation of my primary residence in Southwestern Ontario and to take out a HELOC to use as a down payment for a rental property or a flip. My main concerns are that in the case of a rental it would likely not be cash flow positive (or even neutral) ...
- AshKetchum
- Aug 19th, 2021 2:56 pm
- Forum: Real Estate
- Real Estate
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Aug 19th, 2021 2:56 pm
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Bought a house , seeking advise on how much down payment to put and how much to take mortgage
Hi there I bought a house approx $450K (will be primary residence) I have with me as much money as $200K what is advisable to me? Put full 200K and only take mortgage for $250K or put 90000 as downpayment ( 20%) and taken 360K as mortgage? Question 1 What is favorable from the above if I want to buy...
- CocoJambo
- Jul 13th, 2021 10:17 am
- Forum: Real Estate
- Real Estate
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Jul 13th, 2021 10:17 am
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Question about gifted down payment from a friend
Hi everyone, I read some threads about this but I still had a few questions 1) if only a parent can gift the down payment is it ok for the friend to gift the money to parents and the the parent send to the child and sign the gift letter? Is that ok to do? 2) Also for the parents ...
- heatandcold
- Mar 18th, 2021 2:20 pm
- Forum: Real Estate
- Real Estate
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Mar 18th, 2021 2:20 pm
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GTA: Buying a Second Property - how much down payment is required?
I am hearing all type of information - TD is saying you need at least 20%. But then I am hearing some mortgage brokers saying it you need at least 40%?? Is it depending on your income or something?TD: https://www.td.com/ca/en/personal-banking/products/mortgages/financing-second-property/
- tonershop
- Mar 18th, 2021 8:28 am
- Forum: Real Estate
- Real Estate
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Mar 18th, 2021 8:28 am
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Down payment for rental property - LOC or onto mortgage
Hi: Purchased a rental property and used my LOC for the 20% down payment - about $70k. Question - should I leave that on the LOC or should I transfer amount to my primary residence’s mortgage at a lower interest rate (1.8% vs 3.5%). Since the interest ...
- shanjam
- Jan 5th, 2021 6:49 pm
- Forum: Real Estate
- Real Estate
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Jan 5th, 2021 6:49 pm
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Daniel FirstHome Keeldale 5% down payment
What do you think about this project? https://keelesdale.com/ 5% down sounds tempting, even though the location is less than ideal. Any floorplan you think would be worth looking into?
- Mondaynightmare
- Oct 15th, 2020 4:04 pm
- Forum: Real Estate
- Real Estate
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Oct 15th, 2020 4:04 pm
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Down payment for second home 5%
I have one home and now I wanted to buy 2nd home preconstruction one, we know that For 2nd property Need 20% down payment but, I can afford only 5% down. Please give me some information about this. I wanted to buy my 2nd property for 5% down.
- Cheksu
- Sep 18th, 2020 6:47 am
- Forum: Real Estate
- Real Estate
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Sep 18th, 2020 6:47 am
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Refinance Rental to Remove Down Payment
... would it be ok from CRA's standpoint if you refinance the rental at some point to reclaim that 20K. For example. Rental Property Price: 100K Down Payment: 20K Mortgage: 80K At some future point: -- Increase mortgage by 20K. (once you have enough equity built up that the lender will let you ...
- GaryEarthling
- Aug 24th, 2020 4:41 pm
- Forum: Real Estate
- Real Estate
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Aug 24th, 2020 4:41 pm
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Can a large down payment make up for low income?
On a house worth $1.75M and down payment of $1M (approx 57%) would I be able to get a mortgage with income of about $115k and credit score in low 700s? No other debt currently.If major lenders won't lend to me what kind of rates am I looking at and what options do I have?
- Desii
- Jul 14th, 2020 4:09 pm
- Forum: Real Estate
- Real Estate
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Jul 14th, 2020 4:09 pm
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Can a large down payment make up for low income?
On a 1.2M house, with a 40% ($500K) down payment would it be likely to get approved for a 700K mortgage with income of only 70K gross at the moment. Reason being that my partner is laid off at the moment, and doesn't have any income for the ...
- TheFrostOne
- Jul 5th, 2020 6:07 pm
- Forum: Real Estate
- Real Estate
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Jul 5th, 2020 6:07 pm