“Don’t bite off more mortgage than you can chew”
Garry Marr, Financial Post
Garry Marr presents the old debate of how much down payment is enough. Is it 5%, 10%, or 20%? Of course having 20% down payment is the optimal threshold as it would allow the purchaser the opportunity of having a mortgage without the extra expense of mortgage insurance added on.
However, trying to get into the real estate market in our city makes the task of saving 20% very difficult. The length of time an average consumer takes to save their down payment, also allows for the risk of property values increasing, thus, never achieving that savings goal and getting into the real estate market. Once the decision of wanting to own a property has been established, it is vital to have a mortgage professional that can explain how the governed requirements and guidelines to getting a mortgage will allow consumers to only retain a mortgage that their income levels can afford.
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