There are hundreds of ways to finance a home purchase. Which one is right for you?

Currently you can get mortgage rates as low as 2.5%(as of July 1/09).At this rate you would pay about $357 for every $100,000 of mortgage,for example a 250,000 mortgage would carry for $895/month plus property tax.

No money down financing can carry for as little as $465 for every $100,000 of mortgage.

Curious to see what you can afford? start with myhousewatcher

Please contact me at 905-332-4111 or nwilson@sutton.com for a comprehensive plan which includes credit restructuring, RRSP loans, Income tax rebates, tax savings accounts, no money down options and much more, to get on the fast track to home ownership.

Looking at rent to own? click here to learn more.

Items you should be aware of:

Closing Costs

Closing costs include lawyer's fees and adjustments (from .5 to 1% of  the value of your purchase) and land transfer tax (about 1 % of the value of your purchase)For example a $250,000 home would have closing costs of $3750. (1.5% of 250,000).First Time Buyers receive a land transfer tax rebate of up to $2000

Mortgage Insurance

If you put less than 20% down on your purchase your mortgage has to be insured. CMHC and Genworth insure most mortgages in Canada. Insurance rates are between .5 and 2.5% of your mortgage amount and are added on to your mortgage. For example a $250,000  mortgage , with a 2% mortgage insurance premium would be $255,000($250,000 +$5000)

R.R.S.P.s and the Home Buyers Program

You and your spouse are currently allowed to use up to $25,000 each in RRSPs towards a home purchase. In most cases the RRSP must be held in the RRSP account for a period of time(usually about 3 months)