Don’t Pay Another Cent In RENT! Stop Paying your Landlord’s mortgage!
If you can afford to RENT it is very likely with today’s mortgage products, such as 5% Down, Cash Back and Free Down Payment mortgages and RENT To Own programs, that you could own your very own home NOW, even with Bruised Credit. With mortgage Rates still at historical lows, there may be no better time than now to get that dream home.
It is time to Stop using your Hard Earned Dollar to Pay for Someone Else’s mortgage. Do you know how much money you are putting into your Landlord’s pocket every year? Most renters don’t realize how much money they are giving up every single year by not owning and continuing to RENT. If they did, they would find a solution to the most common excuses for not owning your very own home. Some of these excuses are:
- I’m not spending that much in RENT.
- The process of buying is too complicated.
- I was declined by my bank so I gave up trying.
- I don’t have the thousands of dollars necessary for a down-payment.
- My credit is too bad.
These are all seemingly valid reasons. Renting and saving for a down-payment is very difficult for most people. For some, they are able to save but still find themselves losing ground to an ever increasing housing market. Some still believe that the bank is the end all be all for mortgage loans.
Take a look at the charts below. Determine how much you are paying in RENT and compare it to what you could buy for the same RENT. Then ask yourself this. If there is a solution to get me owning today, would I do it? If the answer is yes. Then call or email for your very own free no-obligation analysis and get on the path to owning today.
View the rental comparison tables below and judge for yourself:
How Much RENT Do You Pay?
| Monthly RENT | Total Paid After 1 Year | Total Paid After 2 Years | Total Paid After 3 Years | Total Paid After 4 Years | Total Paid After 5 Years |
| $750 | $9,000 | $18,000 | $27,000 | $36,000 | $45,000 |
| $850 | $10,200 | $20,400 | $30,600 | $40,800 | $51,000 |
| $950 | $11,400 | $22,800 | $34,200 | $45,600 | $57,000 |
| $1050 | $12,600 | $25,200 | $37,800 | $50,400 | $63,000 |
| $1150 | $13,800 | $27,600 | $41,400 | $55,200 | $69,000 |
| $1250 | $15,000 | $30,000 | $45,000 | $60,000 | $75,000 |
| $1300 | $15,600 | $31,200 | $46,800 | $62,400 | $78,000 |
| $1350 | $16,200 | $32,400 | $48,600 | $64,800 | $81,000 |
| $1400 | $16,800 | $33,600 | $50,400 | $67,200 | $84,000 |
| $1450 | $17,400 | $34,800 | $52,200 | $69,600 | $87,000 |
| $1500 | $18,000 | $36,000 | $54,000 | $72,000 | $90,000 |
| $1550 | $18,600 | $37,200 | $55,800 | $74,400 | $93,000 |
| $1600 | $19,200 | $38,400 | $57,600 | $76,800 | $96,000 |
Rental Expense vs. mortgage Payments (RENT vs. Buy)
| Monthly RENT payment | Monthly mortgage payment | Purchase Price | Down Payment | Qualifying Monthly Gross Income | Qualifying Annual Gross Income |
| $750 | $741.97 | $140,000 | $7,000 | $2,119.91 | $25,438.88 |
| $850 | $858.39 | $165,000 | $8,250 | $2,452.54 | $29,430.51 |
| $950 | $951.53 | $185,000 | $9,250 | $2,718.65 | $32,623.82 |
| $1,050 | $1,044.67 | $205,000 | $10,250 | $2,984.76 | $35,817.13 |
| $1,150 | $1,137.80 | $225,000 | $11,250 | $3,250.86 | $39,010.34 |
| $1,250 | $1,254.23 | $250,000 | $12,500 | $3,583.51$ | $43,002.08 |
| $1300 | $1,324.08 | $265,000 | $13,250 | $3,783.09 | $45,397.06 |
| $1350 | $1,370.65 | $275,000 | $13,750 | $3,916.14 | $46,993.72 |
| $1400 | $1,417.22 | $285,000 | $14,250 | $4,049.20 | $48,590.37 |
| $1450 | $1,463.79 | $295,000 | $14,750 | $4,182.25 | $50,187.02 |
| $1500 | $1,533.64 | $310,000 | $15,500 | $4,381.83 | $52,582.01 |
| $1550 | $1,566.93 | $315,000 | $15,750 | $4,448.36 | $53,380.33 |
| $1600 | $1,603.50 | $325,000 | $16,250 | $4,581.42 | $54,976.99 |
Assumes 4.59% 5/35 Fixed Rate mortgage including CMHC fees and heat. Does not assume any taxes other fees & closing costs. Information provided for sample purposes only. Assumes the total of all non-shelter debt obligations does not exceed an additional 7% of the annual gross income figure. Applies to CMHC Insured, 1-2 unit owner occupied residential properties, minimum 600 Credit Score, GDS 35%, TDS 42% and CMHC Premium of 2.95%. Homebuyerfirsttime.ca does not guarantee its accuracy. Information should be verified and NOT be relied upon as legal, financial or other advice. Rates applicable on OAC. You may have to qualify at higher rates and under different guidelines. E&OE.
The Truth is Cash Back and Free Down-payment mortgages eliminate the need for a down-payment. You can also borrow your down-payment or have it gifted from a family member. If you have RRSPs, First Time Home buyers, through the First Time Home Buyer Plan (HBP) can use up $25,000 each tax free towards the purchase of a home. As you can see in the above charts, that rental payments do add up to a tremendous amount of money essentially ripped from your hands never to be seen again. This money could be better spent building equity for you and your families. Banks are not the last resort for getting financing. Use a mortgage broker and other professionals to guide you through the home buying process and to ensure all options are considered.
Unsure What To Do Next?
Reserve Your Free No Obligation Consultation Today by completing the form to your right:
In your free consultation you will discover…
- How to ensure quick approval for your financing
- How to qualify for easy and comfortable monthly payments
- How to avoid the costly financing pitfalls
- How to get the required financing you need and deserve
- Which mortgage products you qualify for or best suite your needs
- What your Maximum Purchase Price
Helping all aspiring Home Owners Achieve The Dream of Home Ownership
