Laurie and Dan Coveduck Ottawa Riverside South Real Estate Royal LePage

DISCOVER
OTTAWA REAL ESTATE
with
Laurie & Dan
Coveduck
Sales Representatives
Photo of Laurie & Daab Coveduck

Team Realty Ltd. Brokerage
Independently Owned and Operated

Office: 613-667-5555

Toll Free: 800-307-1545

laurieanddan@coveduckhomes.com

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Down Payment

How much will I initially need to purchase my new home?

You will need enough funds to cover your down payment and closing costs, as well as the remaining balance on the cost of the home. This can be sourced through financing or other means.

A larger down payment means greater savings.
The money you pay up-front for a house is the down payment. Down payments are typically a percentage of the purchase price of the home. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own.

The larger your down payment, the more you save in the long run. A larger down payment:

Reduces the amount of your monthly principal and interest payment

Reduces the total amount of interest you pay over the life of your mortgage

Your TD Canada Trust Mobile Mortgage Specialist can help you compare mortgages, determine which mortgage is right for you, and show you money-saving strategies.

Closing costs

Closing costs are the legal and administrative fees and disbursements associated with buying your home. These costs are in addition to the purchase price of the home. They can vary widely depending on:

The property being purchased

Services required

Taxes

Applicable insurances

Closing dates affecting interest adjustments

The balances of any prepaid expenses

Ask about the Home Buyers' Plan

The Home Buyers' Plan (HBP) lets a first-time buyer withdraw up to $20,000 from RRSP's for a home purchase, subject to certain repayment conditions. For more information, check the Canada Customs and Revenue Agency website.

Return to: Organizing Finances

Laurie & Dan have answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Laurie & Dan or click on "Ask Your Own Questions."

They can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like them to help you locate a home, please fill out their Information Request Form.

Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address.
Laurie & Dan can also help. Just fill out their, I would like an address form, please !

Or perhaps you are considering selling your home in the near future, they can also offer you a Complimentary No Obligation Market Evaluation Form