A minimum cash down payment from your own resources is required because mortgage lenders won't advance the entire purchase price of a property. Your minimum down payment would normally be 10%, however, a recent government program has lowered the minimum to 5% for qualified first time buyers. Another temporary program allows first time buyers to use funds from their RRSP for their down payment.
It's to your advantage to aim for a down payment of 25% or more, so you'll qualify for a conventional mortgage and avoid paying the mortgage insurance premium. The larger your down payment, the easier it will be to arrange a mortgage and carry it comfortably. The smaller your loan, the lower your interest expense will be, and the more equity you will have in your home. Equity is equal to the value of your home minus the amount of your mortgage.

You can always call Tirdad @ 416-240-1000 or tirdad@sutton.com to get answers to all your real estate needs.

Search my site for Mississauga Homes and Condos:www.sutton.com/listings/ON/Mississauga

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 Call Tirdad Now at 416-240-1000 or email: tirdad@sutton.com

 MORTGAGE FRAUD

Mortgage Fraud continues to be an issue of concern for the real estate industry and the public.

As a regulatory body, RECO addresses mortgage fraud through education, investigative activities to ensure compliance, collaboration with organizations concerned about mortgage fraud and legal/statutory activities to impose disciplinary action on registrants found to have participated in mortgage fraud.

Mortgage fraud is a criminal act, and while RECO has no jurisdiction to prosecute under the Criminal Code of Canada, the Real Estate and Business Brokers Act, 2002 gives RECO the power to investigate criminal offences that are relevant to a person’s fitness for registration under the Act.www.reco.on.ca/ConsumerInfo.aspx

Thinking of renovating your home:www03.cmhc-schl.gc.ca/b2c/b2c/init.do

Search entire MLS for properties in Mississauga and Lorne Park:www.mls.ca/PropertySearch.aspx

Free and Quick Homes Evaluation:www.torontorealestatecareer.com/agentprofile/homeevaluation.cfm

Maintaining a Home

For most Canadians, their home is their most important investment. It's where your family spends a lot of time, so keeping it healthy, well tended and safe is important. A regular schedule of seasonal maintenance and repairs can help you protect your investment by putting a stop to the most common and costly problems before they occur.www.cmhc.ca/en/co/maho/index.cfm