(NC) The housing market remains active, with a quarter of Canadians either having recently bought a home or planning to do so within the next two years. And as a recent survey for TD found, a quarter of buyers are now doing so on their own rather than with another person, such as a partner or spouse.
“When making the decision to purchase a home alone, buyers need to give as much thought to the mortgage as they do their dream home,” said Michelle Snow, associate vice president for retail products at TD. “Talking to a mortgage specialist can help navigate details like the size of the down payment, amortization period, type of mortgage and payment schedule to make sure the decision is an informed one.”
A mortgage specialist can also help crunch the numbers to help solo buyers feel they can manage the associated costs of home ownership, like property taxes, insurance, utility bills, maintenance and the monthly mortgage payment, alongside their existing priorities like paying down debt and saving for the future.
“We recommend taking the monthly payments for a test drive for three to six months,” said Snow. “Find the difference between current rent payments and prospective mortgage payments, and pay it into a savings account. This way, potential buyers can see how comfortable the mortgage will be alongside existing expenses, while helping them save for a bigger down payment at the same time.”
More information and resources are available at www.tdcanadatrust.com/homeownership.
Like A Hawke,
Susan
Please check out my current listings and together we'll discover your real estate needs. If you know anyone buying or selling I'd love to help them!
You can follow me on
Twitter: @susanhawkesells
Instagram: @susanhawke
Pinterest: @SusanHawke
Facebook Page: Susan Hawke Remax Sales Representative
Sault Ste. Marie Ontario Canada
No comments:
Post a Comment