How much will I initially need to purchase my new home?
You will need enough funds to cover your down payment and closing costs, as well as the remaining balance on the cost of the home. This can be sourced through financing or other means.
A larger down payment means greater savings.
The money you pay up-front for a house is the down payment. Down payments are typically a percentage of the purchase price of the home. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own.
The larger your down payment, the more you save in the long run. A larger down payment:
• Reduces the amount of your monthly principal and interest payment
• Reduces the total amount of interest you pay over the life of your mortgage
Your Dominion Lending Centres Lakehead Financial Mortgage Specialist http://www.dlclakeheadfinancial.ca/ can help you compare mortgages, determine which mortgage is right for you, and show you money-saving strategies. Please call (807) 624-2654.
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