Are You Financially Ready to Buy?
If your down payment is less than 20% of the purchase price, you need a high ratio mortgage and it has to be your primary residence (i.e. you can’t rent it out). Lenders require borrowers to obtain mortgage insurance for high ratio mortgage, since they can be riskier for financial institutions. Your mortgage insurance premium will vary depending on the size of your down payment relative to the price of the property, but ranges from under 1% of the purchase price to more than 3%. If your down payment is 20% of the purchase price or more, you do not require mortgage insurance.
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- buyer’s market – where property supply is strong and buyer demand is weak. In a buyer’s market, you’re more likely to hear that buyers think they received a good deal.
- seller’s market – where buyer demand is strong and property supply is weak. A buyer in a seller’s market may worry they’re paying too much for a property because they’re competing with other buyers for a limited supply of properties.
- balanced market – where demand from buyers is keeping pace with the supply of properties for sale.
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