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

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