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.