Downpayment Discussions, Offers & Promotions

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  • Spousal RRSP & Saving more downpayment v/s buying house..

    ... Home buyers program. This year I am again at a point where I am thinking should I put money in RRSP or save that in margin account to for further downpayment? if I dont put in RRSP I will pay 30%+ in taxes right now but if I put in RRSP and take out in 2 years towards home buying, I would have ...

    • CocoJambo
    • Dec 22nd, 2020 11:09 am
    • Forum: Investing

  • Issue: Questrade taking forever to withdraw funds, mortgage downpayment due soon

    Hi, so I need a small amount of money I was holding in my Questrade. I know, it should be in a HISA usually but I was killing it in the stock market and nearly doubled my money. Anyways now I need around 38k and I submitted the request on December 3rd. I had to complain quite a bit for the uploaded ...

    • Yass.Attack
    • Dec 8th, 2020 12:28 pm
    • Forum: Personal Finance

  • Can I afford a house my downpayment and income?

    ... I work in Oakville, but I'm willing to go as far as Georgetown, Burlington, Cambridge, Guelph and the good parts of Hamilton (e.g. Ancaster). My downpayment is $110,000. My combined income with my spouse is $145,000/year (before taxes and excluding bonuses). We have no debts and our credit scores ...

    • Barr90
    • Sep 29th, 2020 4:07 pm
    • Forum: Real Estate

  • CMHC ending 5% downpayment mortgages?

    They haven't said it directly, but it seems like a foregone conclusion based on the report below. Also "CMHC is now forecasting a decline in average house prices of 9 – 18 per cent in the coming 12 months." https://www.cmhc-schl.gc.ca/en/media-newsroom/speeches/2020/supporting-financial-stability-du...

    • gei
    • May 20th, 2020 1:05 pm
    • Forum: Real Estate

  • Downpayment on lease

    I had my old car as gift for 9 years and looking for a new vehicle...I like the lease idea because I may move to other country after 3 years. Dealer offered a low trade in value so I tried to sell it privately and I found a buyer to generate $5000 cash 1. Should I put this $5000 cash into my lease p...

    • a16107
    • Mar 11th, 2020 5:51 pm
    • Forum: Automotive

  • [Koodo] KOODO - iPHONE XS - tab small - 340 downpayment

    this morning I saw iphone XS deal with small tab. Not sure it is a good deal or not . just posting incase if some one interested. Tab Small You'll pay $340 for your phone and put the rest ($240.00) on your Tab Pay a $10 monthly Tab charge for 24 months, and then you'll only pay your monthly plan cha...

    • david0101
    • Jan 14th, 2020 8:28 am
    • Forum: Expired Hot Deals

  • Downpayment - building real estate portfolio

    Hi all, I am excited to get into real estate investing. I purchased my first property, a triplex for 500k and will live in one of the units. I have ~200k saved up and would like to build a portfolio of properties. How much would you recommend I put down on the property? Given I'll be occupying the b...

    • dmblac
    • Nov 19th, 2019 8:55 pm
    • Forum: Real Estate

  • Gifted Downpayment

    Have a family member short on down payment and I was going to gift him some of the down payment. I have just bought a place and so am tapped out in terms of cash. I was just going to go into my line of credit and gift him funds from there. Not a lot of money though. Just $10k. The real question: 1) ...

    • canuckstorm
    • Jul 27th, 2019 10:46 am
    • Forum: Real Estate

  • Landlord wants to loan me money for downpayment to buy his unit

    ... while discussing the possibility of buying it with the landlord, he said he could sell it to me at a good price and even loan me the money for the downpayment if I didn't have it. Is that something that would be advisable to do? I'm just not sure how it would work.

    • mcbg1
    • May 15th, 2019 4:35 pm
    • Forum: Real Estate

  • New company provides 50% of downpayment for 30% of equity

    A new company is launching called Lendl - a 'downpayment lending platform' - which says they will provide 50% of the downpayment on a property in exchange for 30% of the profits when the property is sold. The term is for 25 years or any time before ...

    • TheSinner
    • Mar 7th, 2019 4:56 pm
    • Forum: Real Estate

  • 5% downpayment - Any difficulties?

    ... and GDS requirements), are there any current issues putting down 5% for a mortgage? apart from the stress test rate required since it is under 20% downpayment and that some lenders like credit unions like bigger downpayments in the 10 to 15% range. Is 5% for a new mortgage relatively doable still ...

    • badmus
    • Feb 9th, 2019 11:48 pm
    • Forum: Real Estate

  • Using Borrowed Funds for Downpayment

    Looking for some advice on the below: Single house ~$500,00 in Pickering/Ajax, owner-occupied Down payment: 5%, first time home buyer Income: 100-120k combined Credit score: 790+ My question is - I will need to use some borrowed funds to 'top up' the rest of my down-payment. Now I know this is frown...

    • pointsbrah
    • Jan 10th, 2019 7:28 pm
    • Forum: Real Estate

  • Pre-construction condo 25% deposit downpayment

    Let’s say the pre construction condo you bought has 25 percent deposit structure with the last 5% due at closing.Are you required to get a mortgage with 25% or can you choose to keep the 5% and get a mortgage with 20% down payment?Thanks

  • Verifying source of downpayment

    Hi everyone. I'm starting to look for a home and I have my full downpayment in rrsp hbp plan. It has been sitting there for 90 days. So, i had a consultation with a mortgage broker, and found out that banks want your closing costs sitting in your bank account ...

    • Yuliana
    • Sep 16th, 2018 12:53 pm
    • Forum: Real Estate

  • Downpayment as a gift for purchase of property

    Would anyone know how this is done? And will the funds be subject to tax (i.e. income tax)?

    • knucklehead
    • Jul 30th, 2018 7:35 pm
    • Forum: Real Estate

  • Mortgage downpayment financing options

    ... property as an investment (long-term rental) I recently (1.5 years ago) bought my first condo (primary residence) and am starting to build up a downpayment. I have some money saved up for the next downpayment, but am ~50K short of hitting the 20% mark. The way I see it, there a few options available: ...

    • CraigRFD
    • Jul 11th, 2018 2:40 pm
    • Forum: Personal Finance

  • Ontario Mortgage : what's the best way to deal with downpayment funds only having been in the account recently

    Hi, I'm hoping someone can propose a good way to deal with a downpayment where the funds haven't been in the account for a very long time. My wife's client is pre-approved for the mortgage but now has hit a glitch because the funds for the downpayment ...

    • michelb
    • Jun 21st, 2018 8:37 am
    • Forum: Real Estate

  • 30k downpayment - invest for 10% + gians

    Hello RFD, looking for some opinions on how to invest 30k that I have just acquired for a house downpayment. I would like to get about 10%+ return in the next 6-12 months, and have a higher risk tolerance, but would not want to lose more than 10-20% of the initial 30k if ...

  • Mortgage downpayment question

    How far do lenders like MCAP go back in checking where gifted funds originated? My mother in law wants to provide an extra chunk of money for our down payment but my fiance is not on the mortgage. I know she (MIL) can't directly gift the money to me but if she were to give it to one of my direct fam...

    • oilerfan89
    • Mar 3rd, 2018 3:43 pm
    • Forum: Real Estate

  • New Car Downpayment

    Is the rule of thumb still 20% for a down payment for a new car? Ex. if its a $40k car, should I be putting down to close to $8k? Obviously I should be trying to put the most money down that I can afford, however just wondering do dealers give you a better interest rate for the remaining loan the mo...

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