How much you need for a down payment

Author: External Author | | Categories: Licensed Mortgage Professional , Mortgages , New To Canada Mortgage

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A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your mortgage covers the rest of the price of the home.

The minimum amount you need for your down payment depends on the purchase price of the home.

If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance.

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Original Article Source Credits:   Canada.ca , https://www.canada.ca/

Article Written By:  NA

Original Article Posted on:  2020-09-16

Link to Original Article:  https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html



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