Mortgage Intelligence

Oshawa's Mortgage News Desk!

How much downpayment do I need?

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If you are looking to purchase a home in Canada, the minimum downpayment requirement to purchase is 5 percent up to a purchase price of $500,000. For purchases over $500,000 but less than $1,000,000 the mortgage lending requirements changed in 2016. You are now required to have a minimum downpayment of 5 percent for the first $500,000 and 10 percent for the balance amount.

Here’s how it all works…

 

Looking to buy a home and need help with understanding the downpayment requirement and insurance premiums? It’s time to get in touch with the team at MiMortgage.ca. Call us at 1 866 452-1100 to speak to an expert or apply online now!

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Author: mimortgage.ca

David Hetti is a full time Mortgage Broker with Mortgage Intelligence (FSCO Lic MO8002434) David is the Director of Operations at Mortgage Intelligence Oshawa and heads a team of full time licensed Mortgage Agents serving all of Ontario. David is also a licensed Insurance Consultant.

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