{"id":201,"date":"2007-10-01T19:54:37","date_gmt":"2007-10-01T19:54:37","guid":{"rendered":"http:\/\/www.montreal-realestate.ca\/english\/2007\/10\/about-your-budget\/"},"modified":"2019-03-11T22:50:50","modified_gmt":"2019-03-11T22:50:50","slug":"about-your-budget","status":"publish","type":"post","link":"https:\/\/www.montreal-realestate.ca\/english\/about-your-budget\/","title":{"rendered":"Budgeting to Buy"},"content":{"rendered":"

The sale price\u2026 and more<\/strong>
\nYou\u2019re ready to make the big move? Congratulations! You must now set a realistic budget. Once you have accounted for notary fees, municipal and school taxes, heating, electricity and maintenance costs, how much is left over to pay for your home each month? Have you thought about what type of mortgage loan best suits your needs? Do you prefer an open fixed rate, a closed fixed rate or a variable rate? Your real estate agent can help you assess your financial capacity and introduce you to the right professionals.<\/p>\n

And now, the financing.<\/strong>
\nMany tenants don\u2019t think they can afford to become homeowners. However, when discussing this with your real estate agent, you’ll see that there are many available tools to help you make that move.If you don’t have at least 20% of the property’s sale price as a down payment, mortgage loan insurance can help you purchase a home, even if you don’t have any down payment for that matter, though under certain conditions (5% for two-unit properties, 10% for three- or four-unit properties). However, remember that the lower the down payment, the higher the mortgage.<\/p>\n

The Home Buyer\u2019s Plan (HBP)<\/strong>, mostly for first-time buyers, allows you to withdraw up to $20,000 ($40,000 per couple) from an RRSP to put toward the down payment on a home. Thanks to this government program, you pay no interest on this amount and you have 15 years to pay it back into your RRSP. <\/p>\n

To qualify, you can’t have been owner of a home in the past five years.
\nThere are also programs for self-employed buyers and people who wish to purchase a secondary home. Ask your agent for more details!<\/p>\n

Send Page To a Friend<\/u><\/a>
\n<\/p>\n

I wrote this article because I love real estate. If you would you like me to work for you, call me 514-402-8444<\/a> or EMAIL ME<\/u><\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The sale price\u2026 and more You\u2019re ready to make the big move? Congratulations! You must now set a realistic budget.<\/p>\n","protected":false},"author":2,"featured_media":8639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[],"class_list":["post-201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-selling","category-mortgages-finances"],"yoast_head":"\nBudgeting to Buy - Montreal Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.montreal-realestate.ca\/english\/about-your-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budgeting to Buy - Montreal Real Estate\" \/>\n<meta property=\"og:description\" content=\"The sale price\u2026 and more You\u2019re ready to make the big move? 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