Never Move Your Kids Again!

YES, you can purchase for 5% down. Even if you own now, you have the ability to sell and jump back into market, purchase again with the minimum down payment. Most people believe 5% down payment is limited to purchasing their first home. Not true. And with the recent government changes many people get very confused thinking bigger down payments are required.
Selling and purchasing a new home can unlock equity to pay off debt. If you are feeling under pressure financially this may be one way to get rid of high cost debt. Refinancing is another way to get access to extra cash but is limited to 80% of your property value.

And… did you know if you own a home, you can purchase a second home or a cottage for a minimum of 5% down payment. A second home could be a house for an aging parent or an adult child attending university or college. We personally purchased many years ago in London where our children were attending Fanshawe College. It was financially draining to pay out 500 per month per child for a small room in someone else’s home -especially when three were attending post secondary at once- so we decided to purchase a condo townhouse close to the college. Turned out to be a fantastic experience! Properties are quite a bit cheaper in London and we found the perfect property. If you have ever gone through moving kids into school every year, you will understand exactly why this was such a good decision. We kept the townhouse for 7 years and ended up selling for a good profit and didn’t have to move any kid again.
So, bottom line, call us for expert advice on your next purchase. We are here to help.

Scenario for Today…
Purchase Price              $250,000
5% down                           $12,500

 Mortgage amount       $237,500
CMHC Fee                       $9,500
Monthly Payment at
2.5%, 25 yr am               $1106.48