Going to buy a house in the suburb. Need help. - Sybermoms Parenting Forum
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post #1 of 3 (permalink) Old 12-28-2016, 09:15 PM Thread Starter
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Location: Canada
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Going to buy a house in the suburb. Need help.


We are living in a small rented apartment. My son is 5 years old now. We are thinking about buying a new house in the suburbs.

Originally we had that idea when our son was born. but had to drop because we were not financially solid. Now we are in a position to handle the budget. Our son is growing up fast and I think growing up in a neighborhood will benefit him.

As said, we are thinking about getting a mortgage loan for buying the house. I was going through the instructions for obtaining a loan and found this page about down payment and appraisals. https://www.butlermortgage.ca/mortga...e-home-buyers/ What are the major differences when it comes to the economic benefits in the long term? I heard somewhere that opting for a long duration and lower down payments can help in cutting down on taxes.

So, please help us on this matter. Has anyone bought a house on loan? How did it go?

Tanks in advance.
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post #2 of 3 (permalink) Old 03-21-2017, 06:08 PM
Blue Tongue Lizard
Join Date: Mar 2016
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Buying a house is big financial decision. Some people delay this decision as they would like to buy from own funds. i hope these articles would help you in your decision:

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post #3 of 3 (permalink) Old 03-29-2017, 01:18 AM
Blue Tongue Lizard
Join Date: Oct 2016
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Consider a short term mortgage when: a) you are willing to follow interest rates closely and risk a higher rate when your term is up for renewal b) you think the current interest rate is high and expect interest rates to fall in the short term. Consider a long term mortgage when: a) you prefer stability so that you are guaranteed the same payments for a longer duration b) you think interest rates are likely to go up during your mortgage term.
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