When you want to buy your first home or start investing in Real Estate, a question you’ll ask is how do I get a down payment. There are three main ways that Ron Lefebvre, Mortgage Broker, covers in this video.
Borrow – you can borrow the downpayment, this is something you need to discuss with your trusted Mortgage Broker to discuss but there are tax strategies you can apply if you did an investment loan for RRSP, etc.
Gift – a gifted downpayment from Family is something sometimes people overlook. Sometimes family is willing to help you just need to ask.
Forced savings – set up a bank account and set up an automatic payment into your savings so you are able to save up the amount needed. You can even do this with a TFSA and make interest while you are saving – be sure to followup with Ron about this!