Breaking News - Mortgage Down Payment Change
Breaking News - Finance Minister Bill Morneau announced the plans to increase down payment effective Feb 2016.
http://bit.ly/1OW633a |
Just a little clarity on the change. The down payment change is:
5% up to $500,000 purchase 10% of the amount over $500,000 up to $1M Example: $750,000 purchase will require a down payment of $25,000 on the $500k and $25,000 on the balance of $250k. |
Reminder - New Down Payment Rules Effect Feb 15, 2016
Click to find out more about Will Higher Down Payments Affect Your Home Purchase? |
We are getting lots of questions about the down payment rule change. Many people are thinking that they now need 10% for any purchases over $500,000.
The minimum down payment is 5% of the $500,000 and 10% of the balance over $500,000. To view a table on down payment and read more, please see our article Will Higher Down Payments Affect Your Home Purchase? |
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