What you need to know A common question we get when buyers are thinking of purchasing an acreage is do you need more than 5% down payment? The answer is no! The minimum down payment to purchase an acreage is the same as an urban home. You only need 5% to purchase an acreage. Acreages can however have their own special circumstances. These can make it different or a bit more complex than purchasing an urban dwelling. The lenders perspective When a lender is determining the value of an acreage property they will generally only take the value of the residence and the surrounding 10-15 acres. This can…

How do i know if I have enough Equity in my home to take out and payoff other debts? The general guidelines allow you to take out up to 80% of the appraised value of your home to payoff debts, invest or use as you choose. You first need to figure out what that number is, take off the amount owing on your home and the rest is usable equity. As an example you have a property worth $400,000 so 80% of that is $320,000.  You have a mortgage for $300,000 so that means you have $20,000 extra that you can use to payoff those other debts.  It…