B10 - The Canadian Champion, Friday, October 31, 2008 Buying a home of your own is a big step i- iI, , r heiv R 1, ýh ý,jq nk ý,th ,o find the "ho-me(if vorî many people have discovered that mortgage payments can be signifi- cantly lower or at least comparable to the rent they are currently paying. Making the decision to become a homeowner is the easy part since buying a home is a great investment in your future. For many people, if's no problem to keep up the monthly mortgage payments and other costs associated with home ownership. But what usually holds first time buyers back is thse initial down payment required to obtain a mortgage. How much can you afford? The first thing you need to determine is how much bouse can you realistically afford? I's a good idea to talk to a Reator for help in this area. A Realtor is skilled at helping people make their dreams of home proce range. As weil, he or she wll help yo'u understand pr'îperty fiac- ing, taxes, insurance and the process you will go through as a first tome buyer to complete a real estate transaction. Your Realtor can also offer advice on ways to save your down pay- ment faster. He or she will likely suggest you take advantage of govern- ment programs such as an RRSP boan or the Ontario Home Ownership Savings Plan (OHOSP). Another option your Realtor can help you explore is a high ratio mortgage. A high ratio mortgage requires a small- er down payment than a conventional mortgage because it is insured by the CMHC (Canada Mortgage and Housing Corporation). Talk to your Realtor for details on how these programs work. Once you know your price range and have a down payment plan in homo f t ir dredois, b L is d tdtl .rfld nil bc 1iru,.'lil ', îý Ifo 'Iý When you have found the right home, your Realtor wiIl be there to negotiate on yo ur behaîf to get the best purchase price possible. He or she will make sure your interests are covered in the purchase and sale agreement and will help with ail the details required to complete the transaction. A Realtors knowledge, expertise and negotiating skills will ensure your first time home buying experience is a dreamn corne true and flot a nightmare. This article is provided by local Realtors and the Ontario Real Estate Association (OREA) for the benefit of consumers in the real estate market. 4 yr new 3 bdrm family home MIB of upgrades: gran- ite counitera, hardwoodà floors, oak taircase, finiahed lower levai rec room & office, fenced yard wlflagstone patio. Walk to achoola. park & rec centre. $392000 -a-- ~hi~~ort912 Fouth Line MAXXIMUM SERVICES 46 lackthorn Lâane qftinourtln Sherwood eautiful Detached 4-Bedroom Home In Mattamys Most *MILS LSTING *DEDIÇATED AGENT Hss O eiabeHwhoeVlagApOx 1900 SIF, *OPEN HOUSES «0VIVID PHOTOGRAPHYorp I ((lb utom hed! 5.5 Baths! i ig nMi lo rmu o an1t~it *TAGING ADVICE *APPOINTMENT BOOKINOS ors! S lites! Prof. Fin. Bsmnt. reek, Master W/Ensuile Jacuzzy & Crown9Moulding. 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