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Buying a rental property can build long-term wealth and passive income through careful planning, market research, and understanding financing and management. Investors can benefit from tax deductions and steady rental income. Down payments vary, with options like FHA, VA, HomePath, portfolio loans, and seller financing available. Alternatives include REITs and crowdfunding for hands-off real estate investing. Proper budgeting, property selection, inspection, and financing are key steps.

Saving for a down payment is crucial for homeownership. In Canada, minimum down payments vary by home price, with 20% often preferred to avoid mortgage insurance. Saving strategies include cutting expenses, using high-interest savings accounts or First Home Savings Accounts (FHSA), and planning for the Home Buyers’ Plan to borrow from RRSPs. For short-term goals, keep savings in low-risk accounts like HISAs or GICs to protect funds.

The process of buying a home can be exciting yet stressful, especially for first-timers in Canada. Assess your finances, get pre-approved for a mortgage, understand different rate types, and build up your down payment. Consider closing costs and stay in touch with your lender post-purchase for ongoing support and advice. ATB Financial offers tools and resources to help navigate the home buying journey effectively.

Securing the best mortgage rate in Canada is essential for both first-time homebuyers and those refinancing. Understanding the mortgage landscape, including economic conditions and regional differences, is crucial. Improving your credit score through timely payments and debt management can lead to better offers. Comparing lenders and mortgage products, considering fixed versus variable rates, and potentially working with a mortgage broker can enhance your chances of finding favorable terms. Timing your mortgage decision based on market trends can also yield significant savings.