Buying a first home is one of life’s most significant purchases, and a new poll shows many first-time homebuyers wish they had done things differently.
More than half of those who were asked said they would make a bigger down payment and that they would buy a home sooner, the 2012 TD Canada Trust First Time Home Buyers Report found.
“The survey results reveal that people generally want the best of both worlds, to be able to buy a home sooner and to have a bigger down payment,” said Brett Currah, district vice-president, TD Canada Trust. “What it means at the end of the day, though, is that planning becomes critical.”
Richmond mortgage broker Chris Pughe said the most important thing to consider is whether you can afford your monthly payments. The size of your down payment or the timing of your purchase is not as important as being sure to buy a home that is within your means, Pughe said.
With a five-year fixed rate, monthly payments are fixed, but for buyers who chose variable-rate mortgages, Currah suggests factoring a potential rate increase into your budget.
He also suggests adding a clause that lets you lock in at a fixed rate if market volatility makes you nervous down the road.
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