Looking to buy a home in Toronto? Here’s a pro-tip that can lower your monthly mortgage payments by as much as 12%, with the First-Time Home Buyer Incentive (FTHBI).
The federal government will give you 5 to 10 percent of the purchase price as an extra down payment. But, it’s not free money. It’s an interest-free loan in exchange for a share in your home. Plus, you get a smaller mortgage with lower monthly payments.
Calculation analysis is for illustrative and informational purposes only.
ASSUMPTIONS USED IN CALCULATIONS:
Property type: New Construction
Location: Toronto or GTA
Purchase price: $720,000
Annual Household Income: $150,000
Mortgage Interest Rate: 2%
Amortization Period: 25 years
Payment Frequency: Monthly
Providing Bank financing, B-lender and private mortgages for the Greater Toronto Area, Richmond Hill, Vaughan, Newmarket, Aurora, Markham & Mississauga.
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