Christina A. DeMarinis 2024-08-28 Christina A. DeMarinis 2024-08-28

Gifted Down Payments: A Growing Trend Among Millennials and Gen Z

For Millennials and Gen Z, the dream of owning a home often feels out of reach without some form of financial assistance. Enter the gifted down payment—a trend that’s becoming increasingly common as families step in to help the next generation secure their first home.

Christina A. DeMarinis 2024-08-28 Christina A. DeMarinis 2024-08-28

Exploring Down Payment Options: Beyond the Gifted Fund

For Millennials and Gen Z, the journey to homeownership can feel daunting. With rising home prices, stagnant wages, and the burden of student debt, saving for a down payment is often the most significant barrier. While gifted funds from family members have become a common solution, they’re not the only option. Let’s explore some alternative sources and strategies to help young homebuyers gather the funds they need.

Christina A. DeMarinis 2023-11-29 Christina A. DeMarinis 2023-11-29

First Home Savings Account (FHSA)

What you contribute and earn all goes towards your first home! With the FHSA you can contribute up to $8,000 a year, until you reach $40,000.

Christina A. DeMarinis 2023-09-27 Christina A. DeMarinis 2023-09-27

Mortgage Closing Costs

As a general rule of thumb, a homebuyer should set aside approximately 2% to 5% of the purchase price.

Christina A. DeMarinis 2023-08-04 Christina A. DeMarinis 2023-08-04

Fixed VS. Variable Rate Mortgages

In Ontario there are two main types of mortgages that borrowers often consider – fixed rate mortgages and variable rate mortgages. The major difference between the two is really about how the interest rate either stays consistent or fluctuates over the term of the mortgage.

Christina A. DeMarinis 2023-06-28 Christina A. DeMarinis 2023-06-28

How To Come Up With Your Down Payment

I want to highlight the different options homebuyers have when it comes to their down payment in an attempt to ease any worry.

Christina A. DeMarinis 2023-06-28 Christina A. DeMarinis 2023-06-28

Options For Adding Someone To Your Mortgage Application

Some homebuyers may need a little extra help during their application process, whether it’s because they need more funds to secure their down payment, or maybe even because their credit score is just not quite what the lenders are looking for. The good news is, there are solutions for that. Having a co-applicant, co-signer or a guarantor can help relieve some of the pressures that come with applying for a mortgage. Let’s dive into what these are, and how they can help!