Essay On Buying Your First Home - 1308 Words

So you’ve gone through four different apartments in five years. You’re sick of moving, you’re sick of paying rent, and you’re sick of having landlords who can’t even be bothered to fix a leaky faucet until your lease is almost up. You’re making good money with a great job, and you’re thinking about settling down. The thought of taking out a mortgage and buying a home of your own has been sitting in the forefront of your mind for a while. But how do you know when it’s time to buy your first home? True, the Canadian mortgage industry is going through some significant changes this year that effects all home owners (one of which involves a mortgage stress test for those putting less than a 20% down payment), making the fiscal responsibility†¦show more content†¦Your credit score should also be a consideration – the better your credit the easier it will be to obtain a loan from your lender but every lender will have different requirements. If you’re credit score is low or non-existent it could be worth saving for a few more years in order to raise your score and secure a better long-term rate on your mortgage. You’ve Saved Enough Cash To Put Down A Beefy Down Payment Down payments are a huge part of real estate. We won’t go into the math here, but putting down a large, 20% down payment can save you literally tens of thousands of dollars when buying a house, as compared to a 10% or lower down payment. The recent changes to the Canadian mortgage industry now include a â€Å"stress test† for any buyer putting down less then 20% of the home up front. This is to determine if the borrower can afford to pay back the loan against a five year fixed 4.64% loan. Despite the changes buyer still need to consider additional costs such as mortgage insurance, closing costs, taxes, repairs, furnishings and more when purchasing a new home. Can you really handle all that if you can’t handle a large down payment? If the answer is â€Å"No†, you’re probably not ready to stop renting just yet. You Can Afford Your Monthly Mortgage Payments – And Unexpected Expenses Being a homeowner is expensive. Like, really expensive. It may seem like your mortgage payment isShow MoreRelatedQuestions On Buying A Home Or Renting984 Words   |  4 PagesAbdulhakeem Usman Prof. Shick ECON 208 CT Essay 1. Explain the problem. Clearly summarize the main issues and relate why there is a problem. Over the years, people have had to make the choice of either buying a home or renting one. Your choice of living may depend on your lifestyle and financial ability. Buying a home or renting is a complex decision most families and individuals have faced in their lifetime. There are so many factors to be considered – location, access to amenities and proximityRead MoreNarrative Essay1277 Words   |  6 PagesNarrative Essay One would think that purchasing your first home would be a very fascinating experience; after all it is one of the most major purchases of your entire life.   In America, home ownership ties in with the American Dream and the spirit of working hard to one day earn through hard work a home with a white picket fence. My husband and I felt that it was time for us to reward ourselves for all the hard work we have been putting in over the years by purchasing our first home, which wasRead MoreBuying House Vs Renting A House1126 Words   |  5 Pagesit comes to Buying a house vs Renting a house. The factors of when it comes to buying or renting a house are costs, finances, maintenances, tax advantages, property terms, and income level. There are plenty of disadvantages and advantages of buying and renting a house. 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