8 Practical tips when buying a home
Figure out your loan amount
You can always pay more than the 10% down payment on your house. This will reduce your loan amount and as a result your monthly installments.
Developers often give rebates for new properties in order to help them sell units. One rebate that maybe offered is a 10% rebate so you don’t have to pay the full down payment. You now have a choice on whether to:
a ) Take a 90% loan on the initial property price.
b) Take a lower loan amount in order to reduce future monthly repayments and interest cost
We recommend option b. You want to have the least amount of financial stress over time – reducing your monthly repayments is a great way to do that.