1. Choose a low down payment loan.
There is no law that says you MUST put 20% or even 10% down.
There are some loans that require as little as 3% or even zero down.
This is attractive for three reasons:
- It’s hard to save for a large down payment
- You could earn more interest on that money than you’re paying in interest on the loan
- It’s nice (and sometimes necessary) to have cash on hand after buying a home.
2. Have someone give you money to pay closing costs.
A relative or church may be able to give you money to help cover closing costs. First time homebuyers may be able to take advantage of government incentives to help minimize their closing costs.
3. Ask the seller to pay some of your closing costs as part of your offer.
Sellers are usually allowed to contribute to a buyer’s closing costs, depending on the local rules and regulations.
Vendor Take Back (VTB)
Sellers may also wish to offer you a mortgage option. This is where the seller becomes your lender, not the bank. Often, you can receive very favourable terms in these situations.
4. Don’t forget about title insurance!
Most lawyers will give you the option of taking title insurance.
This is a great way to prevent against things like mortgage fraud, and any future claims to your property (fencing or boundary issues) that come up.
It’s relatively inexpensive, and can really make a big difference if there’s a problem down the road.
5. Remember, the homes that you are looking at don’t belong to your agent.
You must be straightforward about your likes and dislikes in order for the agent to do the best job for you.
Your agent should show you everything available that meets your requirements.
Tip: Review the Multiple Listing printout with your agent to make sure that you are getting a COMPLETE list.
Don’t make a decision on a house until you feel that you’ve seen enough to pick the best one.
6. Shop around for your home insurance.
A little shopping might be able to save you money.
7. You can make your mortgage tax deductible in Canada.
See an accountant or financial planner for more information.
Summary: 7 Money-Saving Secrets
- ✅ Low Down Payment: Keep cash on hand.
- ✅ Gifts: Use gifts for closing costs.
- ✅ Seller Help: Ask for VTB or cost contributions.
- ✅ Title Insurance: Cheap protection for the future.
- ✅ Be Honest: Don’t settle just to please the agent.
- ✅ Shop Around: Compare insurance rates.
- ✅ Tax Deductions: Ask a pro about Canadian tax laws.
Using just a few of these secrets can save you thousands of dollars upfront and over the life of your mortgage.
Want early access to serious buyers?
If you’re going to be moving in the next six months, what you might not realize is that there are a significant number of buyers searching for homes like yours.
In fact, for every buyer actively viewing homes right now, there are 5-10 more about to begin their search, or eagerly waiting for the perfect property to come up.
If you’re interested in getting a head start on finding a buyer for your home, leave us some details below… We’ll see if we can find a match!
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We can prepare a detailed Pin-Point Price Analysis for you that shows the most current market activity in your area for homes like yours, and we can recommend an optimal marketing price range that will give you the best odds of selling quickly – and for top dollar!