Date Posted: February 14, 2018
Home buying stats indicate that there is an increase to the number of individuals looking to get into the housing market on their own. This takes a lot of planning and preparation in terms of saving the down payment and ensuring your income is high enough to qualify for the mortgage. Frank recommends making sure you are comfortable with you job as you move toward the largest purchase you may ever make.
When it comes to the condo versus free hold home debate, remember that there are condo fees involved and it will depend on the area you are looking to purchase. Down payment minimum is still 5% of the purchase price. Try and limit the amount of debt and debt payments you may have in preparation for taking on the new expenses of owning a home.
For those who may need their parents to help them qualify for the mortgage as a co-signer, they will be on both the mortgage and the title of the home. To minimize tax implication for the co-signers, an agreement can be drawn up at the lawyer’s office stating that they are 1% owners.