Mortgages: 3 myths that deter first-time buyers

Marie-Christine Daignault | Desjardins Group

Thinking of buying your first home but worried about making such a big commitment? We address 3 concerns shared by first-time buyers. 

1. Young people can’t afford to buy a house anymore. 

When the Government of Canada tightened mortgage requirements last fall, it was all over the news. House prices have evened out a little; as for condos, it’s still very much a buyer’s market. And that’s good news for first-time buyers!

Here are some tips to be able to afford your first home:

• Get started early
• Save for a down payment
• Consider your financial commitments
• Set aside 3% of the value of your house for start-up costs
• Get pre-approved for a mortgage loan
• Work with expertsand ask questions

1. It’s possible to buy a house without a down payment.

Wrong. Despite what some may have you believe, you always need a down payment to buy a house…