FAQ
Frequently Asked Questions
How much of a down payment is required to purchase a house?
For homes purchased for less than $500,000 the minimum down payment is 5%. If the price is between $500,000 and $999,999 the minimum down payment is 5% of the first $500,000 and 10% of any amount over $500,000. For any home purchased above $1,000,000 the minimum down payment is 20%
Are there any initiatives to help first-time homebuyers?
There are various programs/incentives to help a first time home buyer;
1. The First Time Home Buyers' Tax Credit - You can receive an income tax deduction of $1,500
2. The Land Transfer Tax Rebate - With amounts up to $4,000 in Ontario and up to an additional $4,475 if the home is in Toronto
3. The RRSP Home Buyers Plan - You can withdraw up to $35,000 from your RRSP to put towards a down payment
4. The First Home Savings Account - You can deposit up to $8,000 annually up to a maximum of $40,000 which is income tax deductible
How much of a mortgage can I afford? What would be my monthly mortgage payments if I am looking at purchasing a $XXX dollar house or condo?
Ultimately you would need to speak with a mortgage broker or mortgage advisor to truly see what your options are in terms of purchasing a house or condo.
But if you are just curious and want a high-level estimate of what things may look like for your situation, please refer to my “Mortgage Calculator" tab above.
1. Credit Report - Which can be obtain websites such as Equifax. See the link below
https://www.equifax.com/personal/credit-report-services/free-credit-reports/
2. A Letter of Employment - Which can be obtained from you company’s HR
department
3. Recent Paystubs - Usually for the last 3 months of employment
4. Photo ID – Such as a driver’s licence
CENTURY 21 Miller Real Estate Ltd. Brokerage
INFO & SERVICES
CENTURY 21 Miller Real Estate Ltd. Brokerage
209 Speers Road, Unit 9, Oakville, ON L6K0H5
(905) 845-9180
INFO & SERVICES
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