Larry Yu 于 来 Broker

RE/MAX Hallmark Realty Ltd.

Independently owned and operated

9555 Yonge St. #201, Richmond Hill ON, L4C 9M5

Direct 416.818.6148

Fax: 905.883.1521

info@larryyu.com

Larry  Yu 416.818.6148
Greater Savings with a Larger Down Payment

The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price.


To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is less) as a down payment. If you don't have the necessary time or resources to save a full 20% down payment, you can choose a high-ratio mortgage and buy a home with a down payment of as little as 0%. This option is called a high-ratio mortgage and it requires you to purchase default insurance.


Whether you choose a conventional or a high-ratio mortgage, one thing is almost always certain: the larger your down payment, the more you save in the long run.


Want more information? Visit the Canada Customs and Revenue Agency Publication.

Greater Savings with a Larger Down Payment


A larger down payment...

  • Reduces the amount of your monthly principal and interest payment
  • Reduces the total amount of interest you pay over the life of your mortgage

Ask about the RSP Home Buyers Plan

Ask about the RSP Home Buyers' Plan

The RSP Home Buyers' Plan (HBP) lets a first-time buyer withdraw up to $20,000 from RSPs for a home purchase. The withdrawn amount must be repaid within 15 years, subject to a minimum annual repayment that is 1/15 of the amount withdrawn. If the full $20,000 is withdrawn, the minimum annual repayment is $1,333. If less than the minimum is repaid in any particular year, the balance is added to the taxpayer's income.



Insuring Your High-Ratio Mortgage

CMHC or Genworth Financial may insure a mortgage for up to 100% of the lending value of the house. Therefore, purchasers do not need a down payment. Eligible borrowers include anyone who buys a home in Canada intending to occupy it as their principal residence.


Purchasers can use up to 32% of their gross family income for payments of mortgage principal and interest, property taxes and heating. A buyer's total debt load (including consumer loans, etc.) cannot exceed 40% of the gross family income.


People who insure a mortgage loan with CMHC or GEMICO pay a premium. The premium is based on the down payment and loan amount. A list of the mortgage insurance premiums can be found here.

Insuring Your High-Ratio Mortgage


Cost:

Premiums can be paid up front or added to the principal amount of the mortgage.
Loan Amount: Up to 0%of the lending value of the house.
Mortgage Term: To be set by the lending institution.
Max. House Price: Varies by market.


Want more information? Visit the Canada Mortgage and Housing Corporation or Genworth Financial websites.


For more information on obtaining a mortgage please complete the form below.


Please enter the numbers found on the right.

 

RE/MAX Hallmark Is NO. 1 Real Estate Company With 4032 Transactions in 2015.

Working With The Best!

 

多伦多豪华物业(250万以上)的最专业买卖代理!

 

 

 

 

 

 

 

Powered by Lone Wolf Real Estate Technologies (CMS6)