What Makes Up Your Mortgage Payment?
For many homebuyers, scraping up a down payment take years of penny-pinching, but not for everyone. Many buyers have used a down payment from a sale of previous home or investments.
A lot of people choose to use their TFSA, Mutual Funds, RRSP’s, Stocks and Bonds. Each option depends on the household’s investing skill, accessibility and funding options, in previous cases owners have pulled funds out of those accounts to purchase a home which is an option to do so. Keeping in mind that a proof by way of 3 months investment statements and showing the deposit into your account is required.
Experts urge homebuyers and borrowers to also consider other features of their investment options, such as liquidity, or the ability to cash out when conditions change, or you need money. With a stock, bond or
mutual fund, it may take just a few mouse clicks to get cash or switch to a more promising investment. Getting cash out of a home requires selling or taking out a new mortgage or reverse mortgage.
