In this clip of our recent podcast I’ve just asked our business owner client, Alex, what tips he would provide to other business owners for getting organized in their mortgage journey. Here’s what he had to say!

In our recent podcast I asked our client, Alex, about the circumstances under which he came to me. He had previously worked with another agent and the deal was unsuccessful. Here’s part of how we were able to help our business owner client buy his home.

Saving like any other goal is a habit that requires a system in order to accomplish it. Try to come up with an amount of money you’d like to save, that’s your goal. If you’re interested in saving for a down-payment, aim for 10-20% of your ideal purchase price.

To quote James Clear’s “Atomic Habits”, regardless of your system, you’ll need to “make it obvious, make it attractive and make it easy.” Everyone is different, and therefore everyone saves money differently.

Here are some tried and tested ways people save money for their down payment. Try one or a combination of these until you find out what works for you!

Contributions to RRSPs are deductible from your total income which ultimately reduce the amount of income tax payable for the year. When it comes to RRSPs, here’s some important things to keep in mind!

Pro-tip: You can withdraw from your RRSP to use for your down payment AND closing costs on a purchase. Also, you don’t have to use ALL of it for the purchase, you can use it for other costs such as furniture, decorating, landscaping, appliances, and paying down debt as well.

Higher risk investments can be a great way to grow funds for your down payment. However, be sure you have all of the documentation necessary! Disclaimer: I am not an investment specialist. Please seek investment guidance from an accredited investor and invest at your own risk.

Today we celebrate the awesome women in the world! Happy International Women’s Day!

On our new podcast episode I discuss how building your money management and budgeting skills can help with your home purchase. Tap the link below for the full episode! 🏡 bit.ly/3whqMuK 🏡

The key in this income range of $50-70K per year (pre-tax) is to team up with someone, this could be your: - Romantic partner - Your friend - Your parent - Your grandparent - Your dog (only if their IG has over 100K followers of course) 😉

If you make $100K/year combined income, congratulations you can buy a pretty sweet condo in Ottawa ($441K) Follow for my next video where I break down how that’s possible. Note: All these videos are hypothetical situations and we’re basing financials on zero debt and good credit

Assuming a min. down payment of 5%, ($22,050), on a 25 year amortization, correction: we meant $3K/year property tax, $450/mth condo fees, your payment on your $435,708, (including default insurance) will be $1,855/mth (on variable rate of 2.05%).

If you make between $125K-$150K/year combined income, congratulations, you can buy the average town home (or semi) in Ottawa ($745K). Like and follow for my next video where I break down how that’s possible. **Note: All these videos are hypothetical situations

Happy Canada Day! 🇨🇦

Best wishes in the new year from the team at Kyle Miller Mortgages. May 2023 be the year your mortgage dreams come true!

The biggest benefit of tax-free savings accounts (both TFSAs and FHSAs) is in the name — you don’t pay tax on your earnings and withdrawals! Another benefit, compared to RRSPs, is that they give you more flexibility on how and when your savings are used. bit.ly/3KGGh6d

Did you know that the median household income in Ottawa is just over $100K before tax? Wondering how much home you can buy based on your household income? Tap on the link below to keep reading, the answers may surprise you! bit.ly/3n7py2U

Believe it or not, there are a handful of little things that aren’t the tips you might think of but will save you from frustration and headaches during your approval process! Tap on the link to read more! app.bitly.com/Be81kHgDHp7/bi…