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Information About Buying A New Home

 

Banks vs. Mortgage Brokers, Which Should You Choose?

https://www.ratehub.ca/bank-vs-mortgage-broker

 

Down Payments

The minimum down payment on a house is 5%. Payments between 5% and 19.99% are subject to mortgage loan insurance with companies such as CMHC or Genworth. These are referred to as high ratio mortgages. A down payment of 20% is not subject to mortgage insurance and referred to as a conventional mortgage.

For example:  If you’re purchasing a house at $400,000,

5%  down = $ 20,000.

10% down = $ 40,000

20% down = $ 80,000

This all changes if you purchase a house that is $500,001.  or greater.  Click on the link below for more detail.

If you’re confused about how this works, send us an email and we will explain it, or put you in touch with a very knowledgeable mortgage broker.

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html 

 

CMHC Mortgage Loan Insurance Information and Rates

Mortgage Loan Insurance Cost | CMHC

 

RRSP(s)

How Does the Home Buyers’ Plan Work?

 

How to repay the funds withdrawn from RRSP(s) under the Home Buyers’ Plan (HBP)

 

 

 

 

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