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lips for first-time ,home buyers Buying yocîr tîrst home is a major lite ent. You wviIi have manl decision's to make both hetore and after you find the right home, including tînanciai clecisions. Here are a few tips to miake financing your first home a littie easier. 1. Get pre-approved for a mortgage. A pre-approved mortgage gives you an edge. Betore you even go house hunting, you will know your maxi- mnum mortgage amount, the interest rate and the amount of your monthly mortgage payments. A pre I approved mortgage may aiso put you in a stronger bar- garning position when you make an Otfer to, Purchase because the seller wiiI kîiow that you are a serious buyer. 2. Determine your home price range.A With your financzing already figured out, you can con- centrate on ftnding the right home within your price range. There are two things to consider when determin- ing how much you can afford to, spend on a home. a How mooch do you have for your downpayment? * How much can you afford for your monthly pay- ment wh;ie still enjoying life? To help you answer these questions, you can either cail your financial institution or go to your branch and talk to your personal banker. Some tinanl institutions, including CIBC, have tools on their ovebsites that can help you calculate what you can afford. lcîst enter your intormation in response to, a few questions and the cal- culations wilI be clone for you. 3. Determine your downpayment amount You tan buy a home with as littie as 5 per cent ot the purchase price. However, if you have a downpayment of less that 25 per cent it wilI mean your mortgage must be insured by an insurer such as Canada Mortgage and Housing Corporation (CMHC). The amount of your downpayment wilI determine whether you need mort- gage insurance or not. Your insurance premium wilI depend on the amountr ynu are horrowing and the amnunt of your downpay- ment. Premiums usually vary between i .00%Y and 3.25% of the mortgage amount. 4. Tap int your RRSPs. If you qualify as a first-time homebuyer, you and your spouse tan each use up to $20,000 from your RRSP sav- ings towards your downpayment. This money wili not be included in your taxable income, as long as you repay the amount wvithdrawn from your RRSPs within 15 years. 5. Be aware of additional costs. Your mortgage will cover off the greater part of the purchase price of your home, however, there are other costs associated with buving a home. These are called closing costs and they usually range between 1.5% to 3.5% of the total cost ot your home. Also, don't forget to consider general expenses such as moving and home decorating costs. tf you are looking tor your first home, CIBC provides Ivaluable and intormative services tor the first-tinne homebuyer. For more intormation about your montgage ioptions, contact your CIBC Adviser or cali 1 800 4h5- C IBC (24221. News Canada ABSOLUTELY CORCEOUS 3 bdrm, 4 btrm. dbl garage VILLAGE 0F CAMPBELLVILLEI Hitti demand ara a withhugelut22o7 metrs.Waiksut u lrge overd - why ils iteautitul and su is this oume' I Newr haidwouai t withhug lo 2277 etes. W lk ut o lrgecovredoak'railingo, new ceramîx, new custer tops ruew carpet deec prîat bck ardhard d tis, niqu & cassoole rou it ntoea lier, heater, pomp and i huer), 100'08lO i 1 deckpriat ackyar, hrdwdflr, uiqu & lasy, ew s endiesot $535,000 Semiens are motivated!*on't malt c home (2 yrs) in the heart of oid Milton. -,todayl $MY DISO CUS. 2-4 PX. cet Ir îiiweîe~ - di ,od i kowe luxtO, new otnround ut. The iist aii Haudsun FREEIMOLD TOWNIIOUSE 4 years new IE Start the New Y(ear in your own home. Cali lIwnIo~uiuP today Elaîne Blair or Mîke Cooke Vxcnba, 9058743040. lu c eilînt. a beauty un quiet street. tiardrooxa bertuer rarret, ceramýico turougitt l'arde 'backyard, close to sctioos. sparkles saird wooa on main level, oak stairrase, carre!tý nS arms,Z mii tr Iupgraded ceraics, lreplace, aunt miss tis beauty uaito and sine ai $439M00 office. 2 Jacku & Jill wasirooms. 2 wi rist cl esit I ~~~~ ~master, $$S dune in upgiades ana decoratn. Crn nasr e 2' Jacýkie Holigro-cki Sa les Rep-resentatîive %M u a Si oeMM Ca am le » W IIIIIII1 m h l h a kfl Ma » MJU-!1 M4 DANIÇe.R 0 i