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Going to buy a house in the suburb. Need help.
Hi,
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.
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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Blue Tongue Lizard
Join Date: Mar 2016
Posts: 37
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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http://www.nitinbhatia.in/home-loan/...ith-home-loan/
http://www.investopedia.com/articles...s-mortgage.asp
http://www.nitinbhatia.in/home-loan/...ith-home-loan/
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I just saw your post. It's been a while. Did you already buy or did you end up staying in the apartment to keep looking for a home to buy?
If you are still looking I'd be happy to share some advice.
Best,
Cliff
Sent from my iPad using Tapatalk
If you are still looking I'd be happy to share some advice.
Best,
Cliff
Quote:
Originally Posted by Planetgreen
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Hi,
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.
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.
Sent from my iPad using Tapatalk
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We are in the process of buying a new home in Brentwood. Putting at least 10% down is a good option. There are things you can do to help lower your interest rate which helps in the long run. Just keep in mind that when you own your own home, you're always going to have expenses (some planned, but most unexpected) so be sure to factor things into your budget like roof maintenance, appliance repair, pressure washing, and HVAC maintenance.
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Buying a home is so exciting and scary at the same time. The advantage of taking a loan for a longer duration with lower payments, is if you hit a hard time, you will be in better shape to make the payment. When you are in good times financially, you have money to invest into your home, such as sanding and refinishing hardwood floors or making additional payments.
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