Mortgages: 3 myths that deter first-time buyers

Royal LePage Leading Edge blog

Photo_Hypothèque_3 fausses croyances premiers acheteurs_2000x1000_shutte...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…

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Shawn Venasse - Sales Representative (Royal LePage Real Estate Services Ltd., Brokerage)

With over 22-years of working experience in Toronto real estate including in administration, marketing, property management and sales SHAWN VENASSE brings the strength and passion of his knowledge, character and experience to every single relationship and transaction! Working now for over nineteen (19) of those years, mostly as a Sales Representative and Buyer Specialist with The Elli Davis Team at Royal LePage Real Estate Services Ltd. (Brokerage), Shawn has had the rare opportunity to work with and for Clients from every walk of life including: "starving artists", students and retirees to CEO's & Presidents of Fortune 500 multinationals, banks and hedge funds. There is virtually no price point or type of real estate nor unique circumstance or deal that he has not experienced or mastered. Shawn's vast knowledge of real estate and this great City are in no small part due to both his long-term association with Elli Davis (#1 Agent in Canada for 12-consecutive years [1987 – 1998]; #1 Agent in Toronto for 24-consecutive years (1987-2008); Lifetime Member - National Chairman’s Club (Top 1%) out of over 16,200 Royal LePage agents across Canada) as well as his involvement in the arts, fashion and social strata of Toronto. Well- connected, stylish and classy, Shawn adores being with people! And, it is that passion and verve which have granted him access to an eclectic assortment of Buyers & Sellers at all levels and price points, allowing him to easily connect the right Clients with the right opportunities!. For Shawn Venasse, real estate was truly a natural fit as a career choice, given his love of & pride in Toronto -- its rich history, eclectic design & architecture and ultimately it's youthful & exciting vitality. "It's easy for me to care about Toronto, because Toronto is a community that cares about itself. It represents the world. It talks to itself, and because it does, it figures out that there must be a music garden as part of its existence." - Yo-Yo Ma Shawn's clients appreciate his charming wit, unflagging attentiveness & commitment to them as well as his obvious & undeterred ethical & professional standards. In a word or two, they "feel safe" and "well-taken care of"! So much so that many of them are multiple, repeat clients and/or referrals! Shawn always takes the time to follow up and stay in touch with all of his Clients as he will with you!