The required downpayment for a home purchase varies based on several factors, such as your credit score, employment history and the type of property you are purchasing. For a primary residence, you can typically qualify for a mortgage with a downpayment as low as 5-10%. However, most lenders require a minimum of 20% downpayment if you're buying a recreational or investment property.
The real estate market is constantly changing, making it difficult to determine the best time to buy. The decision to buy a home should be based on your personal or financial goals rather than market conditions. It's always best to speak with a professional real estate agent who can help you determine if now is the right time for you to buy.
Both banks and mortgage brokers have their pros and cons when it comes to obtaining financing for your home purchase. A mortgage broker offers the advantage of access to a wide range of lenders and personalized attention to your needs. On the other hand, a bank may provide preferred interest rates and faster processing times as they already have some of your information on file. Ultimately, your best option will depend on your financial situation and goals.
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