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We’re talking about down payments today.
Now, this topic is so thorough that it could go on for an hour.
So I’m going to be super, super quick here.
When you buy a house for 500,000 or less, the minimum down payment is 5% down.
Of course, you have to qualify for this amount.
It doesn’t mean you’re going to get it, but please keep that in mind.
So between $501000 to $999000, it’s 10% of that difference.
So you still get 5% down on the first 500 K and it’s 10% of the difference.
So if you buy right at a million where you got to buy a dollar under a million, but you buy a dollar in a million and the down payment works out to be about seven and a half percent.
So if it’s a bottom million, the lenders are going to want 20% down.
And some of them, once you get to that 1.5% mark or 1.5 million sorry, 0%, they’ll want a larger down payment.
It’s called sliding scale.
So the larger your house is, the more down payment that they need.
So we have to make sure we partner you with the correct lender.
So again, that’s why you should be working with a broker or a mortgage agent like one of us here, we can do things and help buyers like you in other ways than they you can on your own.
Talk to a Mortgage Professional
If you want to get a clearer picture of how much you can afford to spend on a home or investment property with different sizes of down payments, give us a call.
Over the course of a quick strategy call, we can begin the process of getting you pre-approved for a mortgage to help you discover how far you can stretch your savings.
All you need to do is click the link below to get started today.
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@the_unstuck_investor The importance of understanding what goes into a down payment #canadianrealestateinvesting #mortgagetipsforyou #mortgagescanada #mortgagebroker #fyp ♬ original sound – The_UnStuck_Investor