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The monthly checks. The neighbor's loud parties. The landlord's seeming inability to repair anything with less than two months delay. Watching your monthly payments disappearing into the ether. The triggers are always different but it eventually happens to everyone: they get tired of renting and decide they want to own their own Mississauga, Ontario homes. We'll explore some reasons why this is a good idea and how to make it happen.
Renting, while easier and more economical for people who don't plan on staying in the area long enough to make the closing costs on a unit in Toronto townhouses worth it, can be a trap that many working New Yorkers find hard to get out of. The problem is that when you rent, your monthly payments are gone. Whereas if you were to put that same amount of money into a mortgage on your own home, eventually those payments would result in you owning the home outright, which you can then resell if you want.
Many people want to buy their own house but think, either because they want to live close to their job in Manhattan or because their jobs aren't exactly high paying, that it's not possible for them. However the fact is that if you can afford to pay monthly rent on an apartment in Armour Heights you can afford to make mortgage payments in Armour Heights. You can arrange your mortgage so that your payments are the same as your old rent. All you need is a down payment.
Down payments are where many potential homeowners falter. In order to qualify to purchase a home for sale in Toronto you need a mortgage and banks generally won't approve you for a mortgage unless you can pay about 20% of the cost of the home upfront. This is a down payment. But that's Canada. Here in the United States there are many banks that are so desperate for your business that they'll let you get away with a smaller or even no down payment. You can use this desperation to your advantage.
If you're really serious about going from a New York apartment to a house, be prepared for a longer commute, since the further away from the city you're willing to live the larger and better the home you'll be able to afford. To start saving for a down payment, cut all unnecessary expenses and put the extra money into savings. This means not taking that vacation to the Prince Edward Island cottage, cutting back on expensive liquor, and not eating out so much.