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I!ps for fjyOrlu.tr'irnc home buyers Buying your first home is a major lite event. You will have many decisions ta make both before and after you find the right home, inciuding financial decisions. Here are a few tipri ta make financing your first home a lhttle easier. 1. Get pre-appraved for a martgage. A pre-approved mortgage gives you an edge. Before you even go house hunting, you wilI know your maximum mortgage amount, the interest rate and the amount of your monthly mortgage payments. A pre-approved mortgage may also put you in a stronger bargaining position when you make an Offer ta Purchase because the seller will know that you are a seriaus buyer. 2. Defermnine your home pnice range. With your financing already figured out, you can concentrate on finding the right home within your price range. There are two things to consider when determining how much you can afford to spend on a -How much do you have for your downpayment? - How much can you afford for your monthly pay- ment while stili enjoying life? jTo help you answer these questions. you con either e aul your financial institution or go f0 your branch and talk to your personal banker. Some financial institu- tions, including CIBO, have tools on their websites that can help you calculate what you can afford, Just enter your information in response f0 a few questions and the calculations will be done for you. 3. Determine yaur downpayment amnounrt.j You con buy a home with as little as 5 per cent of the purchase price. However if you have a down- payment of less that 25 per cent if will mean your mortgage must be insured by an insurer such as Canada Mortgage and Housing Corporation (CMVHC). The amount 0f your downpayment wil determine whether you need mortgage insurance or not. Your insurance premium will depend on the amount you are borrowing and the amount of your downpay- ment. Premiums usually vary between 1.00% and 3.25% of the mortgage amount. 4. Tap Ilt your RRSPs. If you qualify as a first-time homebuyer, you and your spouse con each use up f0 $20,000 from your RRSP savings towards your downpayment. This money will not be included in your taxable income, as long asi you repay the amount withdrawn from your RRSPs! within 15 years. 5. Be aware af addHlonal casts. Vour mortgage will cover off the greater part of the purchase price of your home, however, there are orner costi associated with buying a home. These are called closing costs and they usually range between 1.5%X f0 3.5% of the total cost of your home. Also, don't for- get f0 consider general expenses such as moving and home decorating costs. If you are looking for your first home, CIBC provides! valuable and informative services for the firsttime{ homebuyer For more information about your mort- gage options, contact your CIBC Adviser or coul 1 800 465-CIBC (2422). - News Canada r~%r t f WELCOME TO 473 BELL STREET. terg the uit in privey hus spa- j ous tue soehydetched home is ssaed onuap emius so efhexclusv veau o p arads Bubin thr acesus bef sumsand 25 batth, s uonuerert situaeduclse to schois j parks and shopping. Specia featur so hi home rscude shiig hadwod iors through- aout the min leuel feptasa new hgh ettscerc furase central ar centra ea as aew suo in 2002, mature fiowedn&gardens and heautifl desigref desk and riazebo which overhuuk exasvep Otnd. I o arrange a urewig. wwwTereaKeteusurim OPENCENTRE This fabulous executive home is set on a fully fenced split-lot in Timberlea. The side yard is separately fenced and gated for safe- ty t0 keep the young ones away from the in-ground pool area. The pool has been rebuilt over the last few years, including ail the pipes being replaced, new patterned concrete and heater. Overlooking the pool is a wonderful tiered deck for family din- ing, entertaining or just plain relaxing on a sunny day. The prop- Ierly also feutures extensive landscaping, French curbed drive- tway and walkways. k.Check out thls ktchen! The Canadian Champion, Friday, March 4, 2005-31 » qw SPACIOUS 3 BDRM LINDSAY MODEiT uî by Mattamy Homes. Fat-in kitcheri, waîkout, surikei fam. jrusa, custom buht gas frreplace, MBR enisuite, walk-in closet. Tastefully dessrated, customa corice wsrk ori marin level. Ferised yard. Park asrsss the street Do crime in, yss wuill be deleghted ai what yu see. 11111M CENTRE