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Down Payment

December 2, 2011 - Updated: December 2, 2011

Your 

Down Payment

 

       A minimum cash down payment from your own resources is required because mortgage lenders won't advance the entire purchase price of a property. Your minimum down payment would normally be 10%, however, a recent government program has lowered the minimum to 5% for qualified first time buyers.

Another temporary program allows first time buyers to use funds from their RRSP for their down payment. 

       It's to your advantage to aim for a down payment of 25% or more, so you'll qualify for a conventional mortgage and avoid paying the mortgage insurance premium. The larger your down payment, the easier it will be to arrange a mortgage and carry it comfortably.
 

           The smaller your loan, the lower your interest expense will be, and the more equity you will have in your home. Equity is equal to the value of your home minus the amount of your mortgage.

 

 


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Natasha McColl for TorontoCondominiums.Com

Sutton Group Realty Systems Inc. Brokerage

Independently owned and operated

2186 Bloor Street West, Toronto ON, M6S 1N3

Direct: 647-222-2222

Office: 416-762-4200

Fax: 416-762-6829

info@torontocondominiums.com

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