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^^ good advise above.... remember.. the payment to CMHC (or other mortgage insurance companies) .. . works with a 5% rule... .the percentage you must pay for your mortgage insurance changes at those 5% intervals... the more down.. the less paid for the coverage.
... if your a first time home buyer.. consider this..... don't just save for a downpayment...
save in RRSP's for a downpayment..
you deduct the amount invested per year from your income for income tax... your money grows (hopefully) in that investment and the interest is income tax defered.. (that's a good thing)... and you can use it towards your downpayment... without calling it "income" (generally, pulling funds from a RRSP, you have to count that amount as income for your taxes).
you then have 15 years to pay yourself back.... ( 1/15th of the borrowed amount per year)
you don't even HAVE to pay it back.. but beware 1/15th of what you borrowed from your RRSP will count as income for the year you did not pay it back ... and you have to pay income tax on it. (its in your best interest to pay it back)
catch my drift? ... clear as mud?
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