Planning to buy a home?
The biggest confusion is —
How much down payment do you need?
Let’s make it simple.
If your purchase price is under $500,000
You need minimum 5% down
Between $500K to $1M
5% on first 500K
10% on the remaining amount
Above $1M?
Minimum 20% down payment
But here’s what most people don’t know…
Less than 20% down = you pay mortgage insurance
20% or more = no insurance needed
Also —
Your down payment must come from:
Savings
Gift from family
RRSP (First-Time Buyer Plan)
Bigger down payment = lower monthly payments
Comment “DOWN PAYMENT” or DM me — I’ll calculate your exact amount
#Downpayment #preapproval #firsttimehomebuyer #realestate, #BramptonRealEstate #sfv #southfields #Caledon #brampton
