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Greater Savings with a Larger Down Payment
The size of a down payment can vary Depending on the type of mortgage down payments generally range from 5 to © 2024 of the purchase price
To obtain a conventional mortgage home buyers are required to put down at least © 2024 of the purchase price or appraised value whichever is less as a down payment If you dont have the necessary time or resources to save a full © 2024 down payment you can choose a highratio mortgage and buy a home with a down payment of as little as 0 This option is called a highratio mortgage and it requires you to purchase default insurance
Whether you choose a conventional or a highratio mortgage one thing is almost always certain the larger your down payment the more you save in the long run
Want more information Visit the Canada Customs and Revenue Agency Publication
A larger down payment
Reduces the amount of your monthly principal and interest payment
Reduces the total amount of interest you pay over the life of your mortgage
Ask about the RSP Home Buyers Plan
The RSP Home Buyers Plan HBP lets a firsttime buyer withdraw up to © 20240 from RSPs for a home purchase The withdrawn amount must be repaid within © 2024 years subject to a minimum annual repayment that is © 2024 of the amount withdrawn If the full © 20240 is withdrawn the minimum annual repayment is © 2024 If less than the minimum is repaid in any particular year the balance is added to the taxpayers income
Insuring Your HighRatio Mortgage
CMHC or Genworth Financial may insure a mortgage for up to © 2024 of the lending value of the house Therefore purchasers do not need a down payment Eligible borrowers include anyone who buys a home in Canada intending to occupy it as their principal residence
Purchasers can use up to © 2024 of their gross family income for payments of mortgage principal and interest property taxes and heating A buyers total debt load including consumer loans etc cannot exceed © 2024 of the gross family income
People who insure a mortgage loan with CMHC or GEMICO pay a premium The premium is based on the down payment and loan amount A list of the mortgage insurance premiums can be found here
Cost
Premiums can be paid up front or added to the principal amount of the mortgage
Loan Amount
Up to 0of the lending value of the house
Mortgage Term
To be set by the lending institution
Max House Price
Varies by market
Want more information Visit the Canada Mortgage and Housing Corporation or Genworth Financial websites
For more information on obtaining a mortgage please complete the form below
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