First Time Home Buyers in Ontario and anyone New to Canada has a goal of one day of buying a home, but most of them are not sure how to make that goal happen soon enough. That’s where Mortgage Brokers are able to help clients who are looking to buy a home, by helping them put an end to paying rent and putting that money towards a Mortgage of their own.
But for First Time Home Buyers in Ontario or anyone New to Canada, it is recommended to start off buying a home at a price that is affordable, you don’t want to swing for the fences and go all in and try to buy that dream home the first time around. It is wise to build up to that point, it may take you 3 to 5 years or more to get there.
The basic outline and smart decision would be to first stop paying rent and start paying a Mortgage. This will allow you to own an asset and build up equity so you can leverage your home (which is an asset). Then you can look at selling it for more than the price you bought it for originally, and then move up to a larger home if needed.
A Mortgage Broker can help you with the building that 5 years plan so you can achieve that dream home soon that you think. Paying rent is not a bad thing, but it should not be permanent. Paying rent should be the grounds for having a place to live until you can save up for a large enough of a down payment so you can have a place of your own. The problem is most people have to find ways to build up savings for a down payment, but clients who work with a Mortgage Broker get access to strategies which are customized to your situation by leveraging proven saving and investing techniques to build and further your down payment so you can buy a home.
If you were to do the math on paying over a 5 year period, you would see that all that money would be better put towards a Mortgage and having your own home. Let’s just say you are paying $1,200/month for rent, over a year that would be $14,400, and over 5 years that would be $72,000! None of this money will come back to you. All of this money will be put towards having a place to live and spent on rent, where the landlord will be paying down their own Mortgage because they own the home.
As a First Time Home Buyer in Ontario, a smart decision would be to be buying a home of your own so you can put these rent payments towards your own Mortgage, you can start building equity in your home through lowering your Mortgage balance, and after 5 years you can lower your monthly mortgage payments and save even more money.
If you are a First Time Home Buyers in Ontario or New to Canada and you want to get more information because you are looking to buying a home one day then you need to contact one of our professionals at Greater Toronto Mortgages. We have helped many First Time Home Buyers in Ontario buy a home and we can help you achieve your dream of homeownership too.
Call Greater Toronto Mortgages today at 905-405-1666 to Book an appointment for a FREE consultation.
