The amount that you can afford to put towards a down payment is arguably one of the single most important things to consider when buying a home. Affecting both the amount that you need to borrow, and the financing options available to you, a down payment is crucial for enabling you to buy the property of your choice.

In some Canadian cities, young homebuyers are finding themselves priced out of the market and unable to purchase a home without help from family members. In fact, a recent report shows that as many as 40% of parents have given their children financial assistance to buy a home.

When you receive your mortgage preapproval letter, the rate you’ve been quoted is known as a floating rate, meaning that it will rise and fall in line with the overall market.

If you’ve been unfortunate enough to go through a bankruptcy or consumer proposal, and need to apply for a mortgage loan to purchase a property, you’ll find that it might be a lot tougher than you anticipated.

Keeping in mind the fact that just because you find a home you want to buy, doesn’t mean that it’ll happen right away, or that it will happen at all, it really makes no sense to wait around.