Down Payment Required To Purchase A Home

by Neil
(allistion, ont.)

Can using a credit card work to purchase one or multiple homes? I assume you have to work on the the cash flow analysis to reveal the answer. But i am pretty sure you have done this allready.

The 20 % down eats up a persons ability to purchase almost immediately.

I have a lot of room on credit cards, thus posing the question.

thank you

Comments for Down Payment Required To Purchase A Home

Click here to add your own comments

May 15, 2012
RE: Down Payment Required To Purchase A Home
by: Tom Karadza

The Canadian Banks will usually want to see where you're getting your down payment money from. So you need to prove that you have the money somewhere other than your credit cards.

Your best be is working with a mortgage broker because they'll outline all the requirements for you. The banks are constantly changing their mortgage requirements so a good broker can you tell you which bank is request what.

Hope that helps!

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Submit A Question.

                  

  Some Cool Free Stuff...

  Step 1:

Grab a free digital copy of our real estate investing book, Income  For Life For Canadians, right here. This book has been downloaded over 22,597 times and has helped hundreds of investors kick-start their investing with simple and straight forward strategies that you can implement right here in Canada.

You'll also receive our weekly [Your Life. Your Terms.] email newsletter with the latest investing updates and videos.


  Step 2:

Free Weekly Investing Videos & Articles: Get the latest updates and join the over 10,000 other Canadians enjoying the weekly [Your Life. Your Terms.] email newsletter. The email is sent out each Thursday. And as a little bonus we'll give a FREE digital copy of the book, Income For Life For Canadians, too!

Your Life. Your Terms.



  Step 3:

Free LIVE Investing Class: Do you live in the Greater Toronto or Golden Horseshoe Area? Come out to our next introductory "Investing in Nice Homes in Nice Areas" Real Estate Class.

Get all the details by clicking here.

It's 90-minutes and you'll learn a ton - promise!Thousands of investors have now joined us for this class and the feedback has always been amazing.


This book has been downloaded over 22,597 times and has helped hundreds of investors kick-start their investing with simple and straight forward strategies that you can implement right here in Canada.