If you’re thinking of buying a house in the current real estate market this 2023 then you will have likely come across the principle that the first step to buying is financing or figuring out how you will pay for the home of your dreams.
Downpayment is an important aspect of homeownership. With homeownership being much more achievable in today’s market with low rates, a down payment remains to be the barrier to entry to this dream. Without the right knowledge, practices, and skills, saving for the required down payment can feel like a difficult task.
But, that does not mean it cannot be done! All you need is the right knowledge and strategy to do it which is what Jasben Lai, a Calgary realtor with a background in Finance has to offer today.
Having recently purchased his second home, he will be offering and outlining the best practices for saving for a down payment so that you too can achieve your dream of homeownership whether that be in Calgary, Canada, or around the world.
Your real estate down payment has a significant effect on the types of mortgages you can get as a home buyer. It also determines if you will be needing mortgage default insurance and how much it will cost you, which will also be discussed in this video.
As a general rule of thumb, the larger your down payment is, the less you will need to pay in terms of interests and the lower your monthly payments will be.
This video focuses on the options you need to consider when preparing for purchasing a home - how much down payment you should save and how to achieve this.
Further on this, Jasben Lai will be providing several tips on how to save for a house this 2022!
More than this, it is also essential to be aware of the different types of down payment assistance programs that one can take advantage of.
If you follow these tips, you will definitely be on track to saving for your own down payment. And, if you keep yourself in this mindset, you’ll find new ways to save other than what LiveInnerCity has to offer.
Being smart with your money is fun and is a crucial skill to help anyone achieve their dream of homeownership.
This is LiveInnerCity's Best Tips for Buying a House - How To Save For Down Payment in 2023!
Chapters:
00:00 - A Difficult Task?
00:25 - The Importance of Down Payment in Canada
00:44 - How much should you save?
1:18 - Choosing the right amount
2:02 - Setting up your goals
2:26 - The real estate market effect
2:48 - How to SAVE?
3:25 - The Most Important Tip for Saving
3:47 - The commitments and habits you need to make
4:54 - Saving for the FUTURE
5:33 - What you need to CUT OUT
6:00 - Adding to your wealth
6:30 - How to assist yourself with government programs
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Felix Chan & Jasben Lai are Calgary Realtors with the LiveInnerCity Real Estate Team in Alberta, Canada. Felix is also a Calgary Mortgage Broker and Real Estate Investor.
As your Calgary Real Estate Agents of choice, we are your one-stop-shop for all your Calgary Real Estate needs. We provide our best tips and tricks for home buyers, sellers, and investors looking in the Calgary Real Estate Market. We also dive into Calgary Communities and Home & Condo Tours.
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