Is there such a thing as the best way for home buyers save a down payment? Well, in my opinion, yes there is. But what is it?
Most home buyers believe that a minimum down payment of 5% is the normal requirement needed for the purchase of most properties. Although this may be the case for the majority of home purchases, it is not always the case. One the one end of the spectrum, all investment properties in Canada require a minimum 20% down payment(As of late 2010). There are also similar guidelines should you want to purchase a recreation property.
At the other end of the spectrum are options that would require much less than 5% in hand for a down payment. Here are a few of those options:
- RRSP Use for down payment - You may use any RRSP…
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