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5% Down Payment

Buying a home with 5% down payment is the norm today in the industry. This is the minimum allowable amount CMHC will allow you to put down on your new home. The 5% down payment can come from savings, a gift from family or it can be borrowed. On top of the 5% down payment, you also must have enough for the closing costs of the mortgage, which usually CMHC will want to see 1.5% of the purchase price.

Saving the 5% down payment can be difficult today, the cost of living in most areas of Canada is fairly high and wages haven't been keeping up with these increases in the cost of living. This means a lot of the buyers we work with saved their down payment over a long period of time or they came into the money by some other means such as a gift or through a loan.

Using RRSP's has long been a popular form of down payment. If you are a first time buyer you can take this money out for the purchase of your new home with no tax implications and have up to 15 years to pay it back. Many buyers today actually borrow money to invest in an RRSP and then use the RRSP for their down payment down the road. As long as you can debt service the loan on top of the mortgage payments, this is a viable option. Remember, if you have your own 5% down payment as well, you qualify for our best mortgage rates!

So call one of our Verico mortgage brokers today and we will discuss with you the options that exist in the market for buyers who have their own 5% down payment and how much much money we can save you with our great low interest rates!

Call one of our Mortgage Brokers today, or apply online for a Free Pre-Approval today.

 

Best Mortgage Rates
TERM BEST RATES
Variable Sale!!   2.25
1 Year   2.29
2 Year   2.24
3 Year   2.34
4 Year   2.49
5 Year Sale!!
2.54
10 Year   3.64
Bank of Can Rate   4.64

These Mortgage Rates Are Updated Daily


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