Expenses to be anticipated

It is a dream we all have of owning our own home and no longer paying rent. If you are like most tenants, you feel trapped within the walls of a home that does not belong to you. You are stuck and you don’t see how you could buy your own house.

It doesn’t matter how long you’ve been a tenant or how difficult your financial situation seems. The truth is that little-known information could help you bridge the gap, change your status from tenant to landlord. With this information you can learn how:

• Saving for your down payment
• Stop enriching your landlord
• Stop wasting thousands of dollars in rent.

The problem most tenants face is certainly not their ability to make a monthly payment. Everyone knows that you must assume this obligation on the first of every month. The problem is rather to accumulate enough capital to make the initial deposit on a property that you will have left.

Saving this initial amount is not as difficult as you might think if you consider the following six points.

1. You can buy a house with much less cash than you think.
   There are local or national programs (such as the Homeownership Program) to help people access the real estate market. You can even qualify as a first-time home buyer even if your spouse has had a home previously, as long as your name has not been registered as a co-owner. Make sure your agent is knowledgeable and competent in homeownership programs to introduce you to all the possibilities.
2. You may be able to get help from your financial institution for your down payment and acquisition costs.
   Even if you do not have the down payment amount, if you do not have any debt and you have net assets (for example, a paid car) your financial institution could lend you the down payment by taking this asset as security.
3. You may find a good broker who is willing to help you.
   Some sellers may grant a second mortgage. In this case, the seller becomes more or less the lending institution. Instead of paying him cash for his house, you pay him monthly payments.
4. You could create a cash without really getting into debt.
   By borrowing money to invest in RRSPs up to the desired amount, you could benefit from a tax refund that you will use as cash. It is true that the money borrowed in this way can technically be considered as a personal loan, but the monthly payment could nevertheless be minimal. This way, the money invested in both the house and the RRSP is yours.
5. You can buy a home even if you have credit problems.
   If you cannot raise the minimum cash or guarantee a loan because you do not have equity, lending institutions will still receive your mortgage application.
6. You should be pre-qualified for a mortgage before you begin your research.
   This is easy to do and gives you peace of mind when it comes to shopping for a home. Mortgage brokers can obtain written approval from you at no cost or obligation. This can even be done easily by phone. Although verbal approval or written pre-qualification is equivalent to money in your bank account. You get a certificate that guarantees your mortgage level; very useful when we finally find the house we were looking for. Using your services can make the difference between getting a mortgage or getting stuck with your landlord forever. Generally, there is no charge for obtaining the information. Why on earth would you continue to throw away thousands of dollars on rent when you could take a few minutes with your agent to discuss your specific needs so that you no longer rent but own your home, this conversation will cost you nothing. And of course, you should not feel compelled to buy a home as you read these lines, but by taking the time to explore different choices, to discover ways to acquire a home, imagine how experienced and relaxed you will be when you make this important decision.