Over the past few months I have had so many conversations with friends about why they are renting and paying someones elses mortgage and not their own. In Kelowna to get a decent clean place to rent you are looking of approx $1000/month plus! Thats alot of money, and when paying this amount in rent it feels nearly impossible to save money on top of pricey bills to one day purchase their own home.
What Ive come to notice is that so many people dont know that there are options out there to help them achieve a down payment for their first home! A few options I like to tell people about are the RRSP loan- you can borrow 5% of what you can qualify for in purchasing a home. This loan gets locked in for 90 days and then you can withdraw that amount to use as a down payment on your first home. You then have 15 years to pay it back! Another option is talk to your financial institute about cash back mortgages. Interior Savings is offering people a 5% cash back to use for a down payment!
With interest rates as low as they are and home prices so low now is the perfect opportunity to start exploring your options and make the dream of owning your own home come true!
Call or email me today to talk further if you want to stop paying someone elses mortgage!