Buying a home without 20% down. How dumb or bad is it?.

[50cents]

Those of the know, care to advice?.

Thank you.

 

[peace]

If you can do it ,go for it.

 

[ERecTile]

The insurance is killer if you don't have the 20% or at least that's what I was told. Take advantage of your RRSPs if you have any to do the first time home buyers thing. That's what I did.

 

[DannyDeVito]

The insurance is killer if you don't have the 20% or at least that's what I was told. Take advantage of your RRSPs if you have any to do the first time home buyers thing. That's what I did.

Your interest rate will also be higher. Over a period of 20 to 25 years it will add up.

 

[Martin]

It doesn't really matter, who knows what life will bring you in 10 to 20 years. Take the hit now and hope for the best. Your RRSP will turn into a RIFF once you hit that magic age

Save the other 10% to invest it wisely and do pay for a good accountant.

 

[TommyJohn]

You will have to buy mortgage insurance to cover the higher risk of the loan. It will get much more expensive in the long run.

 

[WhiteLion]

A good choice tho, better than buying a condo.

 

[George Costanza]

better than buying a condo.

Those monthly condo fees are a ripoff.