Home Finance Guru
| Register
Banner






Ask 2 Experts
 
1. Til Debt Do Us Part
2. Recession-Proof Your Relationship!
3. How To Host A Budget Friendly Adult Birthday Party
4. How To Live Large Without Breaking the Bank
5. World Changing Couples
6. Top 10 Power Couples of All Time
7. Sweetie, Want to Run a Business Together?
8. Q&A: Money Expert Jacquette M. Timmons
9. Take This Career and Shove It!
10. Budget Boot Camp
Advertise With Us!
 
Q: How much do we need for a down payment on a home?

Diana says...
According to Maria Racanelli, vice-president of personal banking at BMO Bank of Montreal, a down payment can be as low as 5 percent. Mortgage Rule of Thumb: Before you buy a home, speak to a mortgage specialist. After all, a house is the biggest investment you’ll ever make. As a general benchmark, Racanelli says no more than 32 percent of a couple’s gross monthly income should be spent on housing costs, including mortgage payments, property taxes and, in the case of condos, maintenance fees.

Diana Cawfield is an award-winning financial writer with more than 10 years experience. Send her your questions here.