Rules very well could change but if we are planning based on today's rules
- You will need a minimum of 5% down (up to 500k) and 10% on any portion over 500k and 20% if you are over 1m
- Rent to own.... there are a million ways to structure but more times than not it is something you should stay away from. A landlord on a rent to own is hoping you miss a payment or can't close when the time comes. Wait until you have your down payment and are ready to go at your own pace.
- When you think you are getting close, set up an appointment with a mortgage broker or your bank to be pre qualified and get the current interest rate held (up to 120 days). If rates go down, you can get the lower rate and if they go up you will get the locked rate.
- Once you have been pre qualified it is time to get out and start looking.
There is much more to the process but this is the basics... if you have any specific questions about the process, feel free to ask.
|