If you’re on the process of buying an Edmonton home, one of the main questions that you should be asking yourself is the amount of down payment that you would be making.
Today, we at Team Leading Edge would like to let share with you an “open secret”. 20% down payment.
Yes! 20 per cent! Now, that might be a little tough on the pocket to some but with a little sacrifice, these figure can and will be a huge help to your financial well-being.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
What do we mean by this? First off, once you put down 20%, your overall monthly mortgage payments will be a tad SMALLER. Capslock-bold-underline intended to emphasize the word.
Unfortunately, the simple act of living frugally to save enough money for a 20% down payment is one of the biggest stumbling blocks to some Edmontonians.
Paying 20% down payment could not only help you free up cash in the future, it could also assist you in building up equity in the property. Lastly, you have the benefit of capping the amount of money that’s going to be spent for interest.
The usual 5% down payment is just not enough if you would like to save money. Do the math and you’ll know that this is the way.
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