Wanna buy a house whats the best way to save money?

[sassysue]

roughly in 4 years i wanna have 25% down so atleast 80.00 around there

If i contribute say 1500 per month

Currently my wife is laid off but getting maternity leave and she be going back to school in the fall what is the best account out there i can invest but get a good return back with a no risk in losing money such as an ING account.

What be the best resolution at saving money we currently have good amount of cash in our account

[TrevorK]

Ally (if you search the forum you'll find the post) is offering 2% on their high interest savings.

People's Trust is offering 2.1% on their high interest savings account.

[AllWheelDrift]

If you qualify as first time home buyers, evaluate contributing the money to your RRSPs and withdrawing via the HBP. Your wife may also be able to withdraw from her RRSP under the LLP when she goes back to school.

[sslinn]

If you are saving $1500 a month it will take you over 4 years to save up $80K for a down payment.

Many won't agree, but take a look at this:

Cash Back Mortgage (http://www.debtfreeby43.com/2009/08/10/no-down-payment-mortgages-are-they-worth-the-money/)

A mortgage payment of $1750 gets you into a $320K property with this program. If prices go up 1% per year, in the time it will take for you to save that money the same house will be $13K more expensive. The rate for a non cash back mortgage could very well be at 5.85% at this time as well.

There are a lot of assumptions, but this may be a better alternative, depending on the rent you are currently paying and your plans for the future.

Good Luck!!

[Germack]

Just put your money in a high interest savings account (e.g. Ally or ING).

BTW I think it is great that you are saving for a 20% down payment. This 5% down with a 35 year amortization world we now live in is just nuts and driving a huge bubble.

[Jucius Maximus]

What be the best resolution at saving money we currently have good amount of cash in our account
Agree on a budget with your wife.
Get serious about saving and you will save money.

If you and wife are not on the same page then in the long term you will fail.

[AllWheelDrift]

If you are saving $1500 a month it will take you over 4 years to save up $80K for a down payment.
Actually, it sounds like they aren't starting from 0, and 2% interest would get them to around 75k in 4 years even if they were starting from 0. IMHO saving up for a down payment is the responsible thing to do.

[Ducky]

if you want to put 25% down for the sole purpose of avoiding the CMHC fees, then i think you only need to put 20% down since it has been changed to that.

roughly in 4 years i wanna have 25% down so atleast 80.00 around there

If i contribute say 1500 per month

Currently my wife is laid off but getting maternity leave and she be going back to school in the fall what is the best account out there i can invest but get a good return back with a no risk in losing money such as an ING account.

What be the best resolution at saving money we currently have good amount of cash in our account

[sassysue]

thanks alot for the comments very useful comments that we are take before doing anything stupid