Young couple looking for townhouse north of Toronto
Hi everyone,
We are young professionals and recent grads that are looking to purchase a townhouse in the Aurora/Newmarket area. We are very new to the whole process and would like some help and advice. There are a few starting points to consider:
-We don't have a lot of money saved up for a down payment, approx $50K combined, so i suppose we could put 5% down
-My credit score is not the best (on the lower end) but the girlfriend's credit is great
-We would prefer to purchase a pre-construction as opposed to an already built house
So basically we would like to know the following:
- when registering for a development, what is the minimum cash we need to put in %, and how does it work after that? I heard that you don't need to get a mortgage (which is where your credit score comes in) until the house is built and you are ready to move in.
-Also heard that you don't need both parties' credit score to be tested, just one of the people, and the other person as a co-signor?
-What happens financially while the house is being constructed, and what happens if the development is completed earlier or later than planned?
The reason why we would prefer a reconstruction is to save more while we wait, while in the meantime we would be renting an apartment.
Thanks everyone for any help, and anything counts. Also it would be appreciated to direct us to anywhere we can get more information on the matter (other than mortgage brokers/real estate brokers, as this is already being undertaken).
Thank you,
OP
We are young professionals and recent grads that are looking to purchase a townhouse in the Aurora/Newmarket area. We are very new to the whole process and would like some help and advice. There are a few starting points to consider:
-We don't have a lot of money saved up for a down payment, approx $50K combined, so i suppose we could put 5% down
-My credit score is not the best (on the lower end) but the girlfriend's credit is great
-We would prefer to purchase a pre-construction as opposed to an already built house
So basically we would like to know the following:
- when registering for a development, what is the minimum cash we need to put in %, and how does it work after that? I heard that you don't need to get a mortgage (which is where your credit score comes in) until the house is built and you are ready to move in.
-Also heard that you don't need both parties' credit score to be tested, just one of the people, and the other person as a co-signor?
-What happens financially while the house is being constructed, and what happens if the development is completed earlier or later than planned?
The reason why we would prefer a reconstruction is to save more while we wait, while in the meantime we would be renting an apartment.
Thanks everyone for any help, and anything counts. Also it would be appreciated to direct us to anywhere we can get more information on the matter (other than mortgage brokers/real estate brokers, as this is already being undertaken).
Thank you,
OP