Don’t delay, start saving

Putting together your first down payment is all about planning and prioritizing

With changes to mortgage regulations and the Bank of Canada’s qualifying rates, buying a first home might be tougher than expected, especially for those already carrying a large amount of debt. Currently, the total cost of a mortgage payment, property tax and utilities must be less than 40 per cent of a borrower’s gross income.

“The debt ratio makes a big difference to your purchasing power when buying a home,” said Calgary mortgage broker Monika Hägele. “Some people might work really hard, save up five per cent towards their desired home, and then that amount might not even be enough if they are carrying too much debt.”

(more…)

Read More

Opening doors

Attainable Homes helps Calgarians make ownership dream a reality

Attainable Homes Calgary Corporation celebrated its 800th homeowner on June 7 through its non-profit down-payment assistance program started in 2009.

Launched by the City of Calgary to help retain integral professionals in the city despite a growing housing affordability gap, the program removes barriers for potential homeowners in a variety of circumstances.

Whether it’s newcomers to Canada making a fresh start, young couples putting off marriage and children until they own a home, or individuals uncertain they can achieve ownership on their own, the organization has helped ease families into home ownership.

(more…)

Read More