How much should I finance when buying a house? and Ministry of Finance gates

How much should I finance when buying a house?

If the house is $ 117,500 can I finance more than that amount to buy furniture? Or does that money just go to the house cost? I have a lot of stuff I am needing to buy - house, furniture, house supplies, car... can I finance all of these or do they each have to be on a separate credit card or how does this work? I'm looking to buy my first home... sorry if this is a stupid question.


Finance best answer:

Answer by Peggy I
You cannot finance more than the house is worth.

You not only need 10% for a down payment, you also need extra money to pay for legal fees, surveys and inspections, land transfer tax, property taxes, utility hook ups, moving expenses, and any repairs or painting that might be required when you move in.

You should get pre-approved for your mortgage so you know how much you can afford to spend. Ask for a 25 year, fixed rate, conventional mortgage with the option to pay an extra 10% per year on the principal.

Finance

Ministry of Finance gates


Image by GuySie
The recently renovated Ministry of Finance building has these awesome multicolored hinged gates that seal off access to the square.

---

Orignal From: How much should I finance when buying a house? and Ministry of Finance gates