4 direct benefits you’ll get by using ARCH for your down payment.
With the ever-rising housing costs and the regulated requirements around purchasing a home in Canada, the dream of home ownership seems like it’s becoming a [very] one for nearly every first-time homebuyer.
While most Canadians can actually afford the monthly payments required to take on a mortgage, they lack one of the biggest components of the entire home buying process:
The required down payment.
What once used to be considered a normal thing of having the full down payment at the time of purchase, has now become a huge financial hurdle – and certainly the biggest one when it comes to purchasing that first home of yours.
Let’s put it this way…
Did you know that nearly 50% of all renters in Canada have less than a total of $5,000 to their name?
That’s hardly enough to cover just the closing costs alone.
To say it’s a massive problem is a bit of an understatement.
Even more so, the traditional ways of coming up with a down payment (savings, loans, gifts) aren’t quite as “accessible” as they once used to be.
And that’s exactly why we’ve created a new way to help first-time homebuyers just like yourself to come up with the required (and full) down payment.
Having the full down payment will multiply your benefits as a new home owner. Here are 4 direct benefits you’ll gain:
1. Get into the housing market quicker
With having access to the full amount for a required down payment, it’s [finally] time to start feeling better about the homebuying process.
As long as you’ve had those conversations with your mortgage broker and even real-estate agent, you’re ready to make the move into the housing market.
There’s no more waiting until you’ve saved at least 5% for the down payment, because you’ll have 20%. Which means you won’t need to worry about how much the marketing will increase before you’re ready to buy, because you’ll be ready to buy.
There’s no time like the present, and we’re here to help guide you.
2. Stop paying someone else’s mortgage, start building your equity
It’s finally time to stop paying rent and funding someone’s mortgage on a property that will continue to go up in value over the course of even just 5 years.
Instead, it’s time to focus on paying off your mortgage and start building your equity so that you can not only feel good about owning your home, but so that you can start building your future wealth.
3. Lower your monthly payments
Our goal isn’t to help you out with a small portion of the down payment, it’s to make sure that you’re putting down 20% of the required down payment.
In other words, our job is to make sure that you have the full down payment.
By having the full amount to put down towards your future home, the total amount of the mortgage you’ll take on significantly decreases.
Meaning what exactly?
Ultimately, that means you’ll be paying considerably less on a monthly basis, and you’ll even avoid having to pay any sort of mortgage loan insurance that’s required to pay for anything less than a down payment of 20%. Which means, you guessed it, your monthly payments will go down even more.
Here’s the tough part…
Deciding what you’ll do with that extra money you’ll have every month. Are you focused on building your investments, saving for annual vacations, or paying off your mortgage quicker?
4. Avoid paying unnecessary interest
One of the best benefits is that you’ll pay considerably less in interest overtime.
For starters, you’re not taking on any sort of additional monthly loans to help fund your down payment. With ARCH, you pay back the initial investment when you later sell your home.
That means you won’t be taking on any monthly payments (or interest) other than what’s tied to your mortgage.
Additionally, by being able to take on a smaller mortgage, you’ll immediately decrease the total amount owing on your home, your monthly payments, and the interest you’re paying on that loan.
It’s like a win-win-win situation… but possibly even better.
Getting into your first home
There’s no argument that saving up for the down payment is one of the major challenges most Canadians are struggling with when it comes to purchasing their first home.
But it doesn’t have to be, not anymore.
By having access to the full down payment through ARCH’s program, not only will we help you when it comes to the down payment portion, you’ll also get the rest of the benefits that come along with putting up the full amount.
Finally, something to feel better about when it comes to purchasing your first home.
Arch is a shared-equity housing program helping first-time homebuyers finally realize their dream of home ownership by providing up to 100% of the down payment. By providing the down payment, we’re helping homebuyers lower their monthly payments, avoid costly mortgage loan insurance, and get into the housing market with ease.