Accessible_The Advantages of Putting 20% Down on Your Home

#4 More Affordable Monthly Payments

It is simple enough: the higher your down payment, the lower your monthly payments.

#5 Easier to Budget Your Money

This ties in with the previous point, but it still deserves its own mention. By providing your lender with a 20-per-cent down payment, effectively reducing your interest costs and overall monthly mortgage payments, you can make it easier to budget your money.

#3 Reduced Interest Costs

According to the report performed for RE/MAX, Canadians view their homes as safe spaces.

#2 Smaller Mortgage Loan Balance

Let’s be honest: Many new homes in North America have gotten smaller, especially with more condominiums being erected across Canada that contain bachelor apartments, one-bedroom units, and 1+1 suites.

#1 Lower Mortgage Rates

What is your loan-to-value (LTV) ratio? This is a standard measurement for mortgage lenders to determine your risk level to them.

#3 Reduced Interest Costs

Interest expenses can eat into your mortgage payments, whether a traditional mortgage from one of the big banks or a private mortgage from an individual lender.

#2 Smaller Mortgage Loan Balance

It can be challenging to save a down payment in today’s real estate market because of how high prices have climbed.

#1 Lower Mortgage Rates

What is your loan-to-value (LTV) ratio? This is a standard measurement for mortgage lenders to determine your risk level to them.

Advantages of Putting 20% Down on Your Home